Sergio Ermotti, UBS's boomerang CEO, will return to the bank on April 5, replacing Ralph Hamers, who has only been in the role for nearly two years. Hamers was instrumental in the purchase of ailing rival Credit Suisse earlier this month.
Ermotti is expected to adopt a cautious yet strategic approach to Credit Suisse integration in the face of disgruntled UBS shareholders and an outraged Swiss public.
Ahead of his return, current UBS Chairman Colm Kelleher stated that, “With his unique experience, I am very confident that Sergio will deliver the successful integration that is so essential for both banks’ clients, employees and investors, and for Switzerland.”
Ermotti oversaw UBS’s transformation following the 2008 global financial crisis, with the company hoping for similar successes this go round.
The stock closed 3.72% higher on Wednesday, after the news.
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GPBUSD Surges to Strongest Point in 9 Weeks
GBPUSD rose to its strongest point in nine-weeks, as markets continue to react to yesterday’s U.S. consumer confidence report.
Data on Tuesday showed that consumer confidence in the United States climbed higher than expected in March.
Some analysts believe that this validates the Fed’s decision to hike rates, despite the recent banking crisis.
Gross domestic product data will also be released this week, which could shed even more light on the recent decision to increase rates.
GBPUSD hit a high of 1.2361 today, which is its highest level since February 2nd.
WTI Hits 14-Day High Following Crude Inventories Data
Crude oil was also in the green on Tuesday, as prices rose for a third straight session, following the release of U.S. stockpiles data.
The figures from the Energy Information Administration showed that inventories fell by 6.076 million barrels last week.
This was a huge drop from a build-up of 92,000 barrels markets were expecting, and follows on from an increase of 1.117M barrels the week prior.
Overall, this comes ahead of next week’s OPEC meeting, where many still expect the cartel to maintain output levels.
WTI rose to a high of $74.37 per barrel on Wednesday.
"Bull markets are born on pessimism, grow on skepticism, mature on optimism and die of euphoria."
John Templeton
