The trader turned corporate problem fixer faces the tough challenge of laying off thousands of staff, cutting back Credit Suisse's investment bank and reassuring the wealthy that UBS remains a safe harbour for their cash. "We felt we had a better horse," said UBS Chairman Colm Kelleher of the decision to replace current CEO Ralph Hamers after less than three years in charge.
Kelleher said he brought back Ermotti because he was best equipped to see through the biggest deal in finance since the global banking crash more than a decade ago.
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