UBS bank CEO Sergio Ermotti has selected one of the lender’s former executives, Tom Naratil, to be a key member of the new management team, according to a report published Sunday by the Neue Zürcher Zeitung (NZZ).
This content was published on
2 minutes
Bloomberg
Italiano
it
Ermotti rimescola le carte del personale chiave per l’ampliamento di UBS
Naratil will become the group’s Chief Financial Officer and lead the integration division that will oversee the Credit Suisse merger, the newspaper said, citing people it didn’t identify.
Bloomberg had earlier reported on the American’s possible return after leaving the bank late last year. In almost four decades at the firm, Naratil held a number of senior positions including CFO and co-head of wealth management.
UBS expects the takeover to close in May, but Chair Colm Kelleher previously said the integration may take as long as four years due to the challenges inherent in the deal’s complexity.
More
More
Why a monster UBS bank scares Switzerland
This content was published on
Some Swiss believe Credit Suisse should have been broken up and sold off in parts to foreign buyers to spread risk.
The newspaper said Ermotti is relying on other UBS veterans including wealth boss Iqbal Khan, UBS Switzerland President Sabine Keller-Busse, and UBS Chief Compliance Officer Markus Ronner. A UBS spokesman declined to comment.
UBS reappointed Ermotti as CEO earlier this month to oversee the historic acquisition of Credit Suisse after its rival collapsed. The Swiss lender said Ermotti was better suited to oversee the integration than his predecessor Ralph Hamers. Ermotti previously ran UBS as CEO from 2011 to 2020.
Ermotti is also considering André Helfenstein, the current CEO of Credit Suisse, to help spin off the bank’s Swiss business, according to the newspaper. It isn’t yet clear who will serve as Ermotti’s chief financial and legal officers, according to the report.
More
More
Where did it all go wrong for Credit Suisse?
This content was published on
A roadmap of scandals that have led Credit Suisse to massive losses and restructuring cuts.
Uri voters clear path for hotel and marina complex in central Switzerland
This content was published on
Voters in canton Uri in central Switzerland have rejected a Green Party initiative aimed at regulating the development of the lakeside site in Isleten.
Valais voters reject plan to achieve carbon neutrality by 2040
This content was published on
Voters in canton Valais in southern Switzerland have turned down a proposal for the region to achieve carbon neutrality by 2040.
Swiss central banker wants to boost equity to head off risks
This content was published on
Equity levels at the Swiss National Bank (SNB) are much too low for the risks its large balance sheet poses, according to Martin Schlegel.
Beer sales in Switzerland watered down by bad weather
This content was published on
The past brewing year fell through in Switzerland, partly due to the bad weather. Beer sales shrank again. For the first time, per capita consumption fell below the 50 liter mark.
This content was published on
Sergio Ermotti has told Credit Suisse staff to remain focused on clients and keeping the business running as the merger of the two banks proceeds.
UBS picks up chunk of assets escaping failed Credit Suisse
This content was published on
UBS bank saw $28 billion of new client assets in the first three months of the year as its rival, Credit Suisse, fell into ruin.
UBS shareholders express concerns, but broadly support mega-merger
This content was published on
UBS bank has held its first Annual General Meeting since agreeing to take over Credit Suisse. Shareholders remained broadly supportive.
Credit Suisse agrees to CHF3bn takeover by rival Swiss bank UBS
This content was published on
Ailing Swiss bank Credit Suisse will be taken over by its rival UBS after a frantic last-ditch deal to prevent a catastrophic banking collapse.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.