When Sergio Ermotti became chief executive of UBS in November 2011, the 158-year-old Swiss bank was at one of the lowest points in its history.
Markets were plunging amid the eurozone sovereign-debt crisis and just months earlier UBS had revealed that a rogue trader had hidden SFr1.8bn ($2bn) of losses, a scandal that took down Mr Ermotti’s predecessor, Oswald Grübel.
Mr Ermotti, who had joined UBS in 2010 from Italy’s UniCredit, received a battlefield promotion to right the ship alongside new chairman Axel Weber, an ex-economics professor and former Bundesbank president.
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