UBS named former boss Sergio Ermotti as its next chief executive officer, in a surprise move designed to help steer its massive takeover of failed rival Credit Suisse
- a surprise move to take advantage of the Swiss banker's experience rebuilding the bank after the global financial crisis.faces the tough challenge of laying off thousands of staff, cutting back Credit Suisse's investment bank and reassuring the world's wealthy that UBS remains a safe harbour for their cash.
Kelleher said he brought back Ermotti because he was best equipped to see through the biggest deal in finance since the global banking crash more than a decade ago. The 62-year-old said he returned to UBS after feeling what he termed "a call of duty" and added he had always wanted to be involved in a massive transaction like the takeover of Credit Suisse.
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