UBS’ Sergio Ermotti on the crises that shaped the bank and navigating regulatory webs
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In late March 2023, Sergio Ermotti’s telephone rang.
Then, he was serving as chairman of Swiss Re and set to renew his term, comfortably ensconced in what appeared to be a dignified, settled chapter of an illustrious banking career.
On the other end of the line was UBS chairman Colm Kelleher. A day earlier, Kelleher’s bank had agreed to buy fallen rival Credit Suisse for 3 billion Swiss francs (US$3.66 billion) in a historic, state-brokered rescue – and urgently required a battle-tested hand to.
Then, he was serving as chairman of Swiss Re and set to renew his term, comfortably ensconced in what appeared to be a dignified, settled chapter of an illustrious banking career.
On the other end of the line was UBS chairman Colm Kelleher. A day earlier, Kelleher’s bank had agreed to buy fallen rival Credit Suisse for 3 billion Swiss francs (US$3.66 billion) in a historic, state-brokered rescue – and urgently required a battle-tested hand to.
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