Former UBS CEO Sergio Ermotti will return to the Swiss banking giant, replacing Ralph Hamers, effective April 5th. Ermotti takes the helm following UBS’ recent acquisition of its troubled former rival, Credit Suisse ($CS@Switzerland). In a press conference, UBS Chairman Colm Kelleher praised Hamer’s performance at UBS, which has posted two consecutive years of record profits and returns. However, the acquisition of Credit Suisse “created a new reality” and “imposes new priorities” on the board, according to the board chairman. Ermotti served as chief executive at UBS from 2011 to 2020 and rebuilt the institution after the 2008 financial crisis. Kelleher explained that Ermotti’s past experience makes him uniquely qualified to lead UBS.