Dutch banker Ralph Hamers stands down at UBS after Credit Suisse takeover
Dutch banker Ralph Hamers, who moved from ING to UBS less than three years ago, is stepping down from the Swiss bank following its takeover of Credit Suisse.
The resignation will come into effect early next month. Hamers has agreed to step down ‘to serve the interests of the new combination, the Swiss financial sector and the country,’ the bank said in a statement.
Hamers will be succeeded by Sergio Ermotti who led UBS for nine years before moving to Swiss Re.
UBS took over scandal-hit Credit Suisse earlier this month after it was on the verge of serious financial problems.
According to the Financieele Dagblad, Hamers was not particularly enthusiastic about the takeover when it was announced, telling his audience the deal was ‘not what we were hoping for but it will create value for our shareholders’.
Hamers led ING for seven years, a period which was not without controversy. In particular, a money laundering scandal eventually cost it €775 million in fines. Hamers was also criticised for accepting a 50% pay rise at the time the scandal was being investigated.
He later said the proposed pay rise was a major error of judgement.
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