In Good Company with Nicolai Tangen UBS CEO: Surprise comeback, Credit Suisse, and winning
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Mar 6, 2024 Sergio Ermotti, the returning CEO of UBS, shares insights from his pivotal role during UBS’s historic acquisition of Credit Suisse. He reveals the challenges he faced as new CEO and discusses why Credit Suisse stumbled. The conversation dives into the evolution of Swiss banking, contrasting the dynamics of US and European banks, and highlights the importance of corporate culture. With anecdotes reflecting his football background, Ermotti emphasizes teamwork's role in achieving success and the significance of nurturing leadership talent.
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From Football to Finance
- Sergio Ermotti's initial career plan was to become a professional football player.
- He transitioned to banking as a trader when his football career didn't pan out.
Early Leadership Role
- At 27, Ermotti led the establishment of Merrill Lynch's Swiss franc capital market operations.
- This experience taught him valuable leadership and business-building skills.
Credit Suisse's Downfall
- Ermotti felt that Credit Suisse's unsustainable business model would eventually lead to a drastic outcome.
- The speed of the bank's decline and the government's intervention surprised him.