The Swiss bank is under pressure to offload Credit Suisse’s local business to ease a political backlash in its home market. UBS acquired the subsidiary known as Credit Suisse (Schweiz) AG as part of its rescue of the ailing lender in March. Many lawmakers and voters dislike the tie-up, in part because taxpayers provided $10 billion of insurance against possible losses on Credit Suisse assets. Ermotti, who previously ran UBS between 2011 and 2020, now favours keeping the business, according to Swiss media reports. If Ermotti can avoid large-scale job losses in the coming years, he may be able to hang onto his Swiss purchase.

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Persons: Sergio Ermotti, Ermotti, Ralph Hamers, Lukas Gähwiler, GRACE, Peter Thal Larsen, Katrina Hamlin Organizations: Reuters, UBS boss’s, UBS, Credit Suisse, AG, Swiss National Bank, Reuters Graphics Reuters, Credit Suisse Schweiz, Suisse, Reuters Graphics, Credit, JPMorgan, Schweiz, Thomson Locations: Swiss, Schweiz, Switzerland’s, Switzerland, Europe, Ermotti