European stocks higher; UBS leads banking sector with CEO reappointment By Investing.com

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⚠️BREAKING: *EUROPEAN STOCKS RALLY ACROSS THE CONTINENT; UBS LEADS BANKING SECTOR WITH CEO REAPPOINTMENT 🇪🇺🇩🇪🇫🇷🇮🇹🇪🇸🇨🇭

Banking giant UBS stock rose over 2% Wednesday, helping the region’s banking sector post gains, after announcing former boss Sergio Ermotti as its next chief executive officer, tasking him with steering through its takeover of struggling peer Credit Suisse.), had been the chief executive from 2011 to 2020, guiding the business during the fallout from the 2007/08 financial crisis. He will replace current Chief Executive Ralph Hamers from April 5.

Confidence is building that the turmoil surrounding the global banking sector may be coming to an end, with officials on both sides of the Atlantic keen to reassure the markets of the underlying strength of the industry. Fed Vice Chair for Supervision Michael Barr told a Senate Banking Committee hearing on Tuesday that the U.S. system is “sound and resilient.”

European Central Bank officials have also spoken at length about the strength of the European banking regulatory system, with Governing Council member Gediminas Simkus praising the “high capital buffers, high liquidity and growing profitability from rising interest rates,” earlier this week.

 

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