TheFT reports UBS bank has appointed its former boss, Sergio Ermotti, to lead the merger between itself and Credit Suisse after Ralph Hamers stepped down as CEO. He will lead the effort to merge two of the world’s biggest banks, after UBS’s chief executive Ralph Hamers was “pushed aside”.
The paper says the move comes after Credit Suisse faced a crisis of confidence amid two smaller US banks recently failing.
In the words of Edgar Wright: This is not a drill.
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