UBS’ Sergio Ermotti on the crises that shaped the bank and navigating regulatory webs

In late March 2023, Sergio Ermotti’s telephone rang. Then, he was serving as chairman of Swiss Re and set to renew his term, comfortably ensconced in what appeared to be a dignified, settled chapter of an illustrious banking career.

On the other end of the line was UBS chairman Colm Kelleher. A day earlier, Kelleher’s bank had agreed to buy fallen rival Credit Suisse for 3 billion Swiss francs (US$3.66 billion) in a historic, state-brokered rescue – and urgently required a battle-tested hand to...