...March 29, 2023 FRANKFURT (S&P Global Ratings) March 29, 2023--S&P Global Ratings said today that UBS Group AG's (A-/Negative/A-1) decision to change its group CEO just nine days after the announced takeover of Credit Suisse (CS) comes unexpectedly and indicates the significance of the task ahead. We continue to believe that the merger of the two globally systemic banks will include material complexities and execution risks requiring extraordinary managerial powers. On March 29, 2023, UBS announced that Sergio Ermotti will replace current CEO Ralph Hamers effective April 5, 2023. Mr. Ermotti, a Swiss citizen and chairman of insurer Swiss Re, headed UBS after the financial crisis from 2011 until 2020. During his tenure, he implemented major structural changes and repositioned UBS as a global wealth manager. We believe that Mr. Ermotti's key strengths are his experience in downsizing UBS' investment banking operations and implementing rigid compliance structures, which will be critical to...
