UBS announced today it was bringing back former CEO Sergio Ermotti to lead the Swiss banking giant’s controversial acquisition of troubled rival Credit Suisse.
Ermotti spent nine years restoring UBS’s reputation after its bailout by the Swiss government and the central bank during the 2008 global financial crisis as well as the US$2.3 billion (RM10.1 billion) in losses racked up by a rogue trader in 2011.