Just-In: UBS Opts For New CEO; Credit Suisse Takeover To Delay?

29 Mar, 2023 Updated 29 Mar, 2023

By Ashish Kumar

Author

Expertise : Cryptocurrency & Blockchain, Finance

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

Read full bio

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Credit Suisse Takeover: As the Credit Suisse takeover deal hits the delay, the UBS Group AG on Wednesday announced that they will be replacing Ralph Hamers as its CEO. The Investment banking company named Sergio Ermotti to replace the former chief just before the Credit Suisse acquisition deal.

Credit Suisse Deal In Trouble?

Sergio Ermotti, the veteran banker has served UBS as CEO for straight nine years. He stepped down from his position in 2020. However, Ralph Hamer, now former CEO will remain as an advisor till the transition period.

This development comes in when the reports of Swiss bank rivals are looking to capitalise on the turmoil. Reports suggest that the rivals are trying to poach clients and bankers of the collapsed bank. Weeks ago UBS accepted to acquire Credit Suisse in a $3.25 billion rescue deal. However, the takeover will be supported by Swiss Authorities. Read Crypto Market News Here…

UBS reportedly stated that as new challenges and priorities are emerging since the declaration of the Credit Suisse takeover, Ermotti’s prior experience would help them to restructure the bank. Sergio Ermotti is ideal to pursue the integration of Credit Suisse as he holds a deep understanding of the financial services industry globally, it added.

Also Read: XRP Rally Extends March 2023 Gains to More than 44%, What’s Next?

According to reports, several wealth managers are offering jobs to affected bankers. Financial Times named Julius Baer, Pictet, and Lombard Odier to be involved in this process. While one of the senior executives at a top five Swiss bank stated that UBS is just offering five years of insecurity in a highly competitive environment.

It is expected that Credit Suisse employees are anticipated job cuts when UBS integration takes place. A rival bank executive reportedly claimed that he knew a Suisse team of around 15 people who are looking for an exit.

Also Read: Terra Founder Do Kwon Says He’s Surprised By His Arrest As He Got VIP Treatment Elsewhere

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

BestChange

Instant Currency Exchange at BestChange with Ease

Compare Rates Across 1000+ Exchanges
Access 250+ Cryptocurrencies & Pairs
Save Time with Real-Time Price Tracking

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.