Ermotti replaces Hamers and returns after a two-year break.
Hamers embraced the change and wanted to "serve the interests of the new combination."
UBS, a
Swiss global investment bank, which agreed to buy troubled Credit Suisse last
week, is bringing back its former CEO, Sergio P. Ermotti, to oversee the
complex acquisition of the banking crisis victim.
UBS' Hamers to Make Place
for Ermotti
Ermotti
held the position of Chairman at UBS for nine years before being replaced by
Ralph Hamers. He has been the Chairman of Swiss Re for the past two years, but
in the wake of Credit Suisse's CHF 3 billion deal, the Board decided he would
be a better helmsman for UBS than Hamers, who currently holds the role.
UBS agreed
to take over the crosstown rival last week after investors lost faith in Credit
Suisse's ability to bounce back from a problematic situation exacerbated by
bank failures in the United States. CS shares fell 67% last year and 72% this
year, responding to the company's deteriorating financial performance, client
asset outflows and controversy over the Swiss lender's actions.
Ermotti
will be officially appointed as the Group Chief Executive Officer and President of
the Group Executive Board on 5 April 2023, after the Annual General Meeting.
Hamer will remain at UBS and will work with Ermotti as an advisor during the
transition process "to ensure a successful closure of the transaction and
a smooth hand-over."
"I am
of course sorry to leave UBS, but circumstances have changed in ways that none
of us expected. I am stepping aside in the interests of the new combined entity
and its stakeholders, including Switzerland and its financial sector – it has
been a pleasure and privilege to lead this great bank to where it is today,"
Hamers commented in a press release.
Ermotti
expressed his honor to be chosen to lead the bank during a significant time for
all stakeholders and Switzerland. He thanked Hamers for his successful guidance
at UBS. He acknowledged the urgent and challenging nature of the task. In
addition, Emortti emphasized the need for a thorough and systematic evaluation
of all options in the interest of the involved parties.
"I am
conscious of the uncertainty many feel and I promise that, together with my
colleagues, our full attention will be on delivering the best possible outcome
for our clients, our employees, our shareholders and the Swiss government,"
the soon-to-be CEO added.
Deutsche Bank Falls after
Credit Suisse
Credit
Suisse is undeniably a bank with serious problems. In a belatedly released
financial report filed with the US SEC, it indicated "material
weakness," while in its 2022 report released in early February, it showed a CHF 7.3 billion annual loss and an outflow of more than 20% of assets under
management.
When the
market circulated the information that UBS had agreed to take over its troubled
rival, global markets reacted with substantial depreciation. In the first
reaction, Credit Suisse shares lost more than 60%, UBS slid 13%, and the entire
European banking sector fell.
Although it
seemed that the situation would be brought under control and the industry's
problem, which began with the collapse of Silicon Valley Bank (SVB), eased,
disturbing movements last week appeared on the chart of German lending giant
Deutsche Bank. During Friday's session, the bank's shares fell 15% after the
higher credit default swaps.
However, as
it turned out, the panic was largely unwarranted, and the stock rebounded this
week after testing a level below EUR 8, which is the lowest since October 2022. It
clearly showed that investors remain intensely uncertain and sensitive to any
news from the banking markets.
UBS, a
Swiss global investment bank, which agreed to buy troubled Credit Suisse last
week, is bringing back its former CEO, Sergio P. Ermotti, to oversee the
complex acquisition of the banking crisis victim.
UBS' Hamers to Make Place
for Ermotti
Ermotti
held the position of Chairman at UBS for nine years before being replaced by
Ralph Hamers. He has been the Chairman of Swiss Re for the past two years, but
in the wake of Credit Suisse's CHF 3 billion deal, the Board decided he would
be a better helmsman for UBS than Hamers, who currently holds the role.
UBS agreed
to take over the crosstown rival last week after investors lost faith in Credit
Suisse's ability to bounce back from a problematic situation exacerbated by
bank failures in the United States. CS shares fell 67% last year and 72% this
year, responding to the company's deteriorating financial performance, client
asset outflows and controversy over the Swiss lender's actions.
Ermotti
will be officially appointed as the Group Chief Executive Officer and President of
the Group Executive Board on 5 April 2023, after the Annual General Meeting.
Hamer will remain at UBS and will work with Ermotti as an advisor during the
transition process "to ensure a successful closure of the transaction and
a smooth hand-over."
"I am
of course sorry to leave UBS, but circumstances have changed in ways that none
of us expected. I am stepping aside in the interests of the new combined entity
and its stakeholders, including Switzerland and its financial sector – it has
been a pleasure and privilege to lead this great bank to where it is today,"
Hamers commented in a press release.
Ermotti
expressed his honor to be chosen to lead the bank during a significant time for
all stakeholders and Switzerland. He thanked Hamers for his successful guidance
at UBS. He acknowledged the urgent and challenging nature of the task. In
addition, Emortti emphasized the need for a thorough and systematic evaluation
of all options in the interest of the involved parties.
"I am
conscious of the uncertainty many feel and I promise that, together with my
colleagues, our full attention will be on delivering the best possible outcome
for our clients, our employees, our shareholders and the Swiss government,"
the soon-to-be CEO added.
Deutsche Bank Falls after
Credit Suisse
Credit
Suisse is undeniably a bank with serious problems. In a belatedly released
financial report filed with the US SEC, it indicated "material
weakness," while in its 2022 report released in early February, it showed a CHF 7.3 billion annual loss and an outflow of more than 20% of assets under
management.
When the
market circulated the information that UBS had agreed to take over its troubled
rival, global markets reacted with substantial depreciation. In the first
reaction, Credit Suisse shares lost more than 60%, UBS slid 13%, and the entire
European banking sector fell.
Although it
seemed that the situation would be brought under control and the industry's
problem, which began with the collapse of Silicon Valley Bank (SVB), eased,
disturbing movements last week appeared on the chart of German lending giant
Deutsche Bank. During Friday's session, the bank's shares fell 15% after the
higher credit default swaps.
However, as
it turned out, the panic was largely unwarranted, and the stock rebounded this
week after testing a level below EUR 8, which is the lowest since October 2022. It
clearly showed that investors remain intensely uncertain and sensitive to any
news from the banking markets.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
CFI, Deriv, Gold-i and More: Executive Moves of the Week
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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