Is another former big shot returning to UBS? Reannointed CEO Sergio Ermotti is said to be exploring the interest of former confidants about joining him for a second act.
In early April, UBS announced it was bringing back Swiss Re chairman Sergio Ermotti as CEO to lead its acquisition and integration of Credit Suisse Group. Now Ermotti is said to be in talks with several high-profile former UBS bankers to gauge their interest in returning to the Swiss money house.
Ermotti is reportedly talking to a UBS legend who spent almost his entire career there and at its predecessor bank, according to sources who told the jobs portal «Advisorhub» Tom Naratil could return.
Four Decades at UBS
All told, the American spent around four decades at UBS where he held several management positions, including as CFO during Ermotti’s first stint as CEO. He also served as head of UBS Americas and co-head of global wealth management before stepping down about six months ago. It isn't clear what role is currently under discussion.
There is speculation Ermotti could draw on other longtime allies with investment banking and finance experience in the massive integration task. UBS chief financial officer Sarah Youngwood has been on the job for less than a year after being hired by Ralph Hamers, while investment bank chief Rob Karofsky comes from trading rather than a dealmaking background, and both could be among jobs at risk. A UBS spokesperson declined to comment.
Experience is Key
Describing his feelings at the time, Naratil said departing UBS was not easy, and «bittersweet» to be leaving. But he was convinced the time was right to leave the team in the hands of trusted successors.
With recent developments, the time could be ripe for a possible comeback. Naratil was, after all, a close confidant of Ermotti during his first reign. Since the takeover of Credit Suisse is expected to be a herculean task, Ermotti will welcome experienced and trusted allies who can provide him with optimal support.
