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Ralf Hammers, the Dutch CEO of Swiss bank UBS, will resign from his post on Wednesday. He does this after UBS took over troubled industrial peer Credit Suisse.
“The Board of Directors has taken this decision in light of the new challenges and priorities facing UBS following the acquisition announcement” reports the bed
The Hammers are succeeded by Sergio Ermotti, who will take charge during an interim period. The Dutchman was previously a top man at ING.
UPS took over Credit Suisse a week and a half ago. The bank did this following the turmoil in stock markets following the collapse of several regional banks in the US. Credit Suisse shares fell sharply.
Hammers says the integration of Credit Suisse is “UPS’s most important task” and that he has full confidence in his successor. “I am stepping down in the interests of the new combined company and its shareholders, including Switzerland and its financial sector.”
Hammers started at UBS during a tumultuous period for him
Hammers started as a top man at UBS in November 2020. For example, at the end of 2020, it was announced that ING would be sued for failing to oversee money laundering.
In 2018, ING was already fined 775 million euros for negligence under his leadership. But according to the court in The Hague, a bank’s directors cannot go unpunished if they do not do enough to “counteract prohibited conduct”.
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