UBS brings back former chief to oversee Credit Suisse takeover

Sergio Ermotti, who stepped down in 2020, will rejoin Swiss bank as it prepares to absorb troubled rival

The Swiss bank UBS has announced the surprise return of Sergio Ermotti to oversee the takeover of its rival Credit Suisse, amid global concerns over the stability of the banking industry.

Ermotti served as chief executive from 2011 until 2020, overseeing UBS's recovery from the global financial crisis. He will take over again on 5 April, when his main task will be to implement the complex merger with Credit Suisse, which was forced through by Swiss financial regulators in an attempt to prevent a chaotic collapse.