UBS CEO Sergio Ermotti received an unexpected call from UBS chairman Colm Kelleher, asking him to return as CEO to oversee the emergency takeover of Credit Suisse. Ermotti agreed to the high-stakes merger, which involves combining two globally important banks. The success of the merger is crucial as it could impact UBS's reputation and trigger instability in the financial system. While there are potential challenges in executing the merger, investors remain optimistic, causing UBS's stock to rise. The merger has caused controversy in Switzerland due to Credit Suisse's troubled history. Ermotti's decision to accept the job was driven by a sense of duty, loyalty to the bank, and the opportunity to execute a deal he had long desired. The merger has made UBS the world's second-largest wealth manager and comes at a discounted price, but also with legal challenges and the complexity of integrating two large banks. Ermotti is seen as a capable and confident leader who is able to make tough decisions and inspire others. He started his career in finance after leaving school and pursuing an apprenticeship at a bank.
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