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STOCK MARKET NEWS: UBS, Macy’s names CEO, Lululemon shares soar, Silicon Valley Bank hearings

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Investors will hear more on Silicon Valley Bank’s collapse in the second day of hearings, this as UBS hires a new CEO to help stabilize the bank with Credit Swisse under fire. Macy’s also names new CEO and former Starbucks CEO Howard Schultz will testify on labor issues at the coffee giant. Lululemon shares jump after results. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.

Swiss bank UBS has decided to bring back former CEO Sergio Ermotti to guide the takeover of Credit Suisse. He will take over for current chief executive Ralph Hamers.

Hamers took up the job in November 2020 and will remain at UBS during a transition period “to ensure a successful closure of the transaction and a smooth handover,” the bank said in a statement. “Whilst Ralph was capable of doing the job, we felt that Sergio was better suited to navigating these things,” Chairman Colm Kelleher said on a conference call, alluding to the UBS board decision. “I cannot reemphasizePosted by Associated PressThe overdose-reversal drug Narcan is displayed during training for employees of the Public Health Management Corporation , Dec. 4, 2018, in Philadelphia, Pa.

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UBS names Sergio Ermotti as its new Group CEO, following acquisition deal of Credit SuisseThat’ll fix things… Dat is opmerkelijk…die zagen we niet aankomen , toch corné?
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