{"id":47100,"date":"2023-11-13T09:16:43","date_gmt":"2023-11-13T09:16:43","guid":{"rendered":"https:\/\/prosfunds.com\/business\/hes-leading-the-biggest-banking-deal-in-history-failure-is-not-an-option\/"},"modified":"2023-11-13T09:16:45","modified_gmt":"2023-11-13T09:16:45","slug":"hes-leading-the-biggest-banking-deal-in-history-failure-is-not-an-option","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=47100","title":{"rendered":"He\u2019s leading the biggest banking deal in history. Failure is not an option"},"content":{"rendered":"
\n

\n The morning after the bombshell announcement in March that UBS was buying its failing crosstown rival Credit Suisse to avert <\/strong>a global banking crisis, Sergio Ermotti saw a surprising name <\/strong>pop up <\/strong>on his phone.\n <\/p>\n

\n The caller was UBS (UBS) chairman Colm Kelleher. Ermotti had left the bank barely three years earlier and was at the time chair of a Swiss insurance company.\n <\/p>\n

\n \u201cI was definitely not expecting the phone call,\u201d Ermotti told CNN on the sidelines of a <\/strong>conference in Geneva last month. \u201cWhen he called me and said we should see each other \u2026 I understood that it must be something very serious.\u201d\n <\/p>\n

\n UBS wanted Ermotti back as CEO to steer the emergency takeover of Credit Suisse \u2014 a deal his former employer had reluctantly agreed to at the behest of Swiss authorities, despite stiff opposition from some shareholders and local lawmakers.\n <\/p>\n

\n Ermotti agreed to return, signing up for a high-stakes undertaking with no historical precedent: combining two so-called global systemically important banks. That list of just 30 lenders includes Bank of America (BAC), JPMorgan (JPM) and HSBC (HSBC), and denotes banks whose failure could\u00a0trigger a worldwide financial crisis.\n <\/p>\n

\n If the merger proves unsuccessful, confidence in UBS could be impacted, which has the potential to trigger instability in the wider financial system, said Anke Reingen, a banking <\/strong>analyst at RBC Capital Markets. <\/strong>\n <\/p>\n

\n There are several reasons why it could be difficult to execute, she told CNN, from IT systems migrations and cultural differences between the two banks to the danger that the integration absorbs too much of management\u2019s focus at the expense of growing the business. Still, Reingen\u2019s <\/strong>outlook on the deal is positive and RBC currently expects UBS to deliver better returns than its peers.\n <\/p>\n

\n Investors are similarly bullish, sending the stock nearly 30% higher since the deal was announced.\n <\/p>\n

\n Regardless of its merits, however, the merger has caused controversy in Switzerland, where Credit Suisse had a long and illustrious history until a string of scandals and losses drove customers and investors away. There\u2019s a lot at stake for the country, home <\/strong>as it is <\/strong>now <\/strong>to a combined bank with assets double the size of its annual economic output.\n <\/p>\n

\n The pressure on Ermotti to succeed is such that strangers frequently approach him in Switzerland to wish him luck, thank him \u2014 or weigh in on the merger.\n <\/p>\n

\n If the deal goes wrong, not only will it stain <\/em>Ermotti\u2019s otherwise sterling career in finance, it will also mean a very public failure for him personally. The straight-talking banker is said to be as recognizable in Switzerland as tennis great Roger Federer, and perhaps now subject to even more attention.\n <\/p>\n

\n Tellingly, Ermotti took a day or two to consider whether to take on such a weighty responsibility. A sense of duty to Switzerland and loyalty to the bank were driving factors behind his decision to return. But so was his competitive streak, and the chance to execute a deal he had set his sights on long ago, during his initial tenure as the bank\u2019s CEO.\n <\/p>\n

\n \u201cI always felt that the next chapter I wanted to write back then was a chapter of doing a transaction like this one,\u201d Ermotti said at the press conference announcing his return. \u201cIt would be a little bit of a contradiction from me not to accept the job \u2026 to basically execute on what I believed was the right next move for UBS.\u201d\n <\/p>\n

\n The appeal is understandable. The deal has made UBS the world\u2019s second-largest wealth manager overnight \u2014\u00a0behind only Morgan Stanley (MS) \u2014\u00a0delivering, according to Ermotti, seven years\u2019 worth of new client money in one go.\n <\/p>\n

\n And in some respects it was a bargain. UBS paid 60% less than the beaten-down value of Credit Suisse shares just before its last-ditch rescue over a weekend.\n <\/p>\n

\n But there are strings attached. UBS is taking on a bank that Ermotti recently described as \u201cstructurally loss-making.\u201d It also comes with a mountain of outstanding legal cases following years of scandals and compliance failures. As of September, UBS had set aside more than $4 billion for litigation and regulatory matters \u2014 50% more than the amount earmarked at the same time last year.\n <\/p>\n

\n Even if Credit Suisse had none of that painful baggage, the sheer size of the two banks makes the <\/strong>merger an enormous undertaking.\n <\/p>\n

\n \u201cI cannot emphasize (enough) how big this deal is in terms of financial history and financial engineering that\u2019s required,\u201d Kelleher, the UBS chairman, said in March. \u201cThere\u2019s a huge amount of risk in integrating these businesses.\u201d\n <\/p>\n

\n
\n <\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n If anyone can do it, it\u2019s Ermotti, according to multiple former colleagues. In conversations with CNN, they <\/strong>described a confident leader with a formidable intellect, also often guided by a sharp intuition that helps him <\/strong>make the right calls.\n <\/p>\n

\n \u201cWhat really sets him apart is the clarity with which he leads,\u201d said Katrin Koch, who was Ermotti\u2019s chief of staff during his first tenure at UBS. Ermotti does not shy away from making tough decisions and takes full responsibility for his actions, she added. He makes \u201cno excuses\u2026 I think this is rare these days.\u201d\n <\/p>\n

\n Equally valuable for the job at hand is his ability to inspire others to tackle challenging tasks. Ermotti is \u201cable to bring out that extra in people,\u201d according to Tom Naratil, who was chief financial officer at UBS during Ermotti\u2019s previous term.\n <\/p>\n

\n \u201cIf you had to write the job description, only one person would come up\u2026 He is the perfect guy for that job,\u201d he told CNN. <\/strong>\n <\/p>\n

\n Ermotti decided on a career in finance at an early age. He left school at 15 with dreams of becoming a professional soccer player and took up an apprenticeship at a bank in his hometown of Lugano in the Italian-speaking part of Switzerland.\n <\/p>\n

\n The idea was to gain some work experience while studying toward becoming a sports teacher \u2014 his \u201cplan B\u201d should the football dream not work out. But once at the bank, Ermotti quickly became interested in financial markets.\n <\/p>\n

\n \u201cI decided that my plan B was no longer sports teacher\u2026 plan B was to be a trader,\u201d he told <\/strong>CNN. \u201cI wasn\u2019t good enough to be a football player, then I went for plan B.\u201d\n <\/p>\n

\n From Corn\u00e8r Banca in Lugano, where he ended up spending more than a decade, <\/strong>Ermotti moved to Citi before joining Merrill Lynch at the age of 27. He would spend <\/strong>16 years <\/strong>with the American investment bank, including as co-head of its <\/strong>global equities business, honing critical analytical and decision-making skills.\n <\/p>\n

\n Those would later prove invaluable, both at Italian bank UniCredit, which he helped steer through the global financial crisis as deputy CEO, and during his first stint at UBS \u2014 a nine-year spell that bears striking similarities to what he faces now.\n <\/p>\n

\n
\n \"Sergio<\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n Then, as now, Ermotti\u2019s appointment to the top job came at short notice and in the midst of <\/strong>a crisis. It was September 2011 and he had joined the bank\u2019s <\/strong>top brass in Singapore for meetings as head of its Europe, Middle East and Africa division.\n <\/p>\n

\n UBS <\/strong>was scrambling to stem the fallout of a $2.3-billion loss from unauthorized trades by an employee that it had uncovered days earlier. By the end of that week, then-CEO Oswald Gruebel resigned over the loss and Ermotti replaced him \u2014 a rapid ascent for someone who had joined the bank just five months earlier.\n <\/p>\n

\n Ermotti had even less time to prepare for what came next. In November that year <\/strong>he was due to face shareholders in New York who would press him on the strategy of the group, which was still struggling following bruising losses during the 2008 crisis.\n <\/p>\n

\n Even before the rogue trading scandal, UBS had resolved to downsize its investment bank in response to declining trading revenue and tougher post-crisis regulation. It would instead focus on growing its more lucrative wealth management arm.\n <\/p>\n

\n Ermotti was laser-focused on that goal and was prepared to make unpopular <\/strong>and risky decisions to reach it \u2014 <\/em>even if that meant losing some revenue in the short term.<\/strong>\n <\/p>\n

\n Analysts and shareholders were at first skeptical of the plan. \u201cWhat they are trying to do has never been done before,\u201d Christopher Wheeler, then a Mediobanca analyst, told the New York Times in October 2011. \u201cThey want to shrink the investment bank by choice, which means unwinding (trading) positions without loss and running down their books while keeping the morale among staff.\u201d\n <\/p>\n

\n Back then, the shift, though drastic, paid off and by the end of Ermotti\u2019s nine-year tenure UBS was one of Europe\u2019s most profitable lenders.\n <\/p>\n

\n In his view, though, his crowning achievement came long after he left. \u201cThe fact that UBS was asked to be part of the solution (to Credit Suisse), that was the ultimate success,\u201d Ermotti told CNN.\n <\/p>\n

\n How will he measure success this time round? \u201cWhen I know that our people and our clients are proud to be associated with us, I know that, then, we are going to have success.\u201d\n <\/p>\n

\n
\n \"The<\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n The pressure on Ermotti is immense. He is excited by the challenge although acknowledges how \u201cintense\u201d it is. \u201cThis is definitely in all my career the most demanding time I\u2019ve ever had \u2014 by far,\u201d he said.\n <\/p>\n

\n \u201cWe are facing a huge amount of complexity. There is a complexity coming from the integration, there is a complexity coming from having to run the bank\u2026 you know, serve clients.\u201d\n <\/p>\n

\n And there is the question of what comes next for UBS, once the task of absorbing its former rival is complete, likely by the end of 2026. Ever with one eye on the horizon, Ermotti is already thinking about the type of bank he wants UBS to be when his primary job is done. \u201cIt has to be a bank that has not just completed an integration, (but) a bank that is already working towards growth,\u201d he said.\n <\/p>\n

\n \u201cWe can create something unique. This generation can do something that will last in history\u2026 not as an event but as a base for the next chapter of UBS.\u201d\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The morning after the bombshell announcement in March that UBS was buying its failing crosstown rival Credit Suisse to avert a global banking crisis, Sergio Ermotti saw a surprising name pop up on his phone. The caller was UBS (UBS) chairman Colm Kelleher. Ermotti had left the bank barely three years earlier and was at […]<\/p>\n","protected":false},"author":1,"featured_media":47101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-47100","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nHe\u2019s leading the biggest banking deal in history. 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