UBS is replacing its chief executive officer for the same reason that investors are still wary of its deal with Credit Suisse: Execution risk looms large.
The Swiss bank said Wednesday that former CEO Sergio Ermotti would succeed incumbent Ralph Hamers next week to complete the takeover of Credit Suisse and lead the subsequent integration. Mr. Ermotti guided UBS through its crisis years following a rogue-trader scandal in 2011, cutting risk at the investment bank and refocusing the brand squarely on wealth management. Given that the Credit Suisse takeover will also involve downsizing a risk-happy investment bank, he is an obvious candidate for the job.
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