ralph hamers has agreed to step aside according to a press release. he came to serve as ceo on the first of november, 2020, so less than three years later, sergio ermotti's back. the board took this decision in light of the new challenges and priorities facing ubs after the acquisition specifically, this press release goes through sergio's credential saying he transformed the bank after the financial crisis, cut its footprint, achieved cultural change and regained the trust of clients and stakeholders, and restored the people's pride in ubs. his intense and deep understanding of the financial services in switzerland and globally make him ideally placed to pursue the integration of credit suisse. let's get more on this from our banking reporter who has been covering and looking at this breaking news for us. stephan yet, can i get your first take on this? >> what a surprise. there could not be any more twists and turns. it is a story of come back, it will be interesting to see how investors take this story this morning. dani: one of the things that stoo

tom: sergio ermotti returns to ubs, replacing ralph hamers as group ceo 10 days after the bank deal to acquire credit suisse. the changes are effective april 5. alibaba drives gains in asia after announcing a six-way split up its business, easing concerns around beijing's treatment of the private sector. european and u.s. futures point to a higher open for global equities, despite uncertainty over the fed path for rates and reports of deal slow from jeffries and goldman sachs. francine: the main story apart from the fact that if you look at equities they are buoyed by sentiment in technology. is ubs. there is a press conference as they bring back ermotti. he is an able banker, the narrative is pretty positive. tom: it is all about the execution. we will check on the open, those catalysts coming through from china and the tech sector. the value of each business component of alibaba being seen as higher than across all its parts. the cac 40 in france getting .7%. upside of point 4% on the spanish ibex. i wk u.k., the ftse 100 is up .2%. let's see how things are shaping up with futures in

they talk about ralph hamers being there for an integral period it soundes like an announcement thatas largely framed around the announcement of the chairman, the regulator, and the swiss government perceived sergio ermotti the more important individual for taking this business forward. what's interesting since the announcement, which was not leaked unusually for this kind of story, there was no preflagging by favored media what was going to happen here. congratulations to all of them for keeping a lid on this before all the announcement was made because it did truly come as a market shock here. what i'm seeing is a lot of speculation as to whether this now means that ubs employees should be more nervous about their positions than credit suisse employees and whether this will be a weeding out plan that won't necessarily mean the credit suisse people loose their johns and ubs people keep their jobs it will be based on performance by individuals and that ubs bankers at this point also do need to be concerned about what's ahead for them. >> it certainly raises a lot of questions. i thin

what has the ubs ceo ralph hamers and saying to his staff?rst it was a broad reassurance that they would be continuing business as usual, and the first steps are that they are still competitors, oddly enough, until the deal is fully closed, so he has communicated to staff, let's be professional, but until we have announced full closure, you are still competitors with credit suisse. moving forward, he said we will be communicating as and when we can how this integration is going to work, and importantly, people are worried about their jobs, so whether or not they will still have a job at the end of this merger. tom: 125,000 jobs between the two banks. what are the key priorities now for ubs before and beyond reassuring their staff and what the key priorities for the swiss authorities are? >> the key priority for ubs will be going over the details of this deal. this came together so quickly that they themselves admitted they have not had the full comfort you normally do in a deal of this size in terms of due diligence, and that was the contenti

the ceo ralph hamers with $1 million more in executive pay over last year this is particularly interesting with the ubs cut back the bonus pool by 10%. the ceo gets a boost, but the rest are getting lower c compensation relative to the previous year. >> thank you very much, julianna tatelbaum. >>> let's get a check of the corporate stories with silvana henao. silvana. >> dom, good morning arm, the chip maker, is looking to raise $8 billion in the ipo it is expected to file for an offering in april with a public listing this year. the company is hoping for valuation of $50 billion on friday, arm said a u.s. listing is the best option softbank bought arm for $32 billion. this announced plans for the ipo last year after nvidia called off the takeover deal. >>> tesla cutting prices on the model s and model x in the u.s. to boost sales prices for a model s are down $5,000 the model x has been slashed by $10,000. in january, the company cut prices on the volume leader model 3 and model y. at investor day last week, elon musk said small changes in prices could have a huge effect on demand. tesla

current ceo— ralph hamers — will step down shortly but will stay on as an adviser. touch with me and some of the team on twitter. you're watching bbc news. children across the uk are being affected by the cost of living crisis — as families are forced to make tough choices about how they spend their money. four young children aged eight to ii have been sharing their experiences of living through the winter months, with newsround reporter, i'm no, she's my sister. we live in blackpool. this has been the hardest few months of our lives. that means we can't afford lots of picnics. because mum and dad have to spend all our— because mum and dad have to spend all our money on food and electricity. during the pandemic, our mum — electricity. during the pandemic, our mum was really ill and she couldrl't— our mum was really ill and she couldn't work. we couldn't get a lot of money— couldn't work. we couldn't get a lot of money because our dad had to give up of money because our dad had to give up his_ of money because our dad had to give up hisjob, _ of money because our dad

ralph hamers, the former ceo, will be sticking around as long as it takes to help close the deal because we can't forget that regulators in countries have to approve this merger. dani: thank you very much, bloomberg's marion haftermeyer in zurich. alibaba will consider gradually giving up control of its main business is after completing a major overhaul to create six new companies that made a view on public markets. peter, the market was very excited yesterday about this breakup. what did alibaba say, exactly how this will take shape and what the new companies will look like? >> alibaba surprised pretty much everybody earlier this week when they talk about giving more autonomy to the six different units within their empire. today the ceo held a conference call where he explained the strategy and their thinking. and what the strategies for these companies will look like going forward. the key businesses are the e-commerce business, the global one, the cloud business that is significant and the logistics business. he said these companies will gain more autonomy in the future if they procee

. >>> ubs ceo ralph hamers said the lender did not buy credit suisse only to close it.t is according to reuters which says it has seen an internal memo with the government backed cquisition is a growth opportunity for ubs. we have the stock trading higher today. 1.3%. we have scaled down some of the highs we got to last week. we got to above 20 swiss francs. we scaled back a lot last friday as the market comes to terms with the cheap price that ubs acquired credit suisse. >>> switching to european yields. we see normalization in the stock market and we see normalization in bond yields. the 10-year bund at 2.28. six points higher. almost back to where we were pre-credit suisse bailout. that is interesting. we've gone full circle with the 10-year bund at 3.44. italy, there are issues with the disbursement of the recovery funds. that is something investors will keep an eye on. extension has been granted to italy. as for u.s. treasuries. massive moves on the front end of the u.s. yield curve. 10-year treasury at 4%. we traded through that last week. we are still 8 basis poi

. >>> on to other banking news, ubs' ralph hamers received more than $12 million in compensatio in 2022it shows the change over time in any stock compensation >>> back here in europe, one key mover in focus this morning is rheinmettal is joining the dax separately, it helps produce tanks and it is in talks to build in ukraine that deis significision could co months >>> uk car registrations shot up 25% in february according to the numbers. it expects 500,000 electric vehicles to be added to the roads this year. one stock in the auto sector soaring this morning and on track for the biggest jump since 2022 is aston martin up 19%. we are looking into the detail of what is driving the stock higher we had an impact of the price target for the company, but a big mover. >>> coming up on the show, the uk financial regulator faces blame fore arm's decision to lis in n yk.ewor we'll discuss more after this. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to cove

ermotti who served as ceo for nine years before stepping down in 2020, he will replace current ceo ralph hamersding to the bank, hamers will stay on as an adviser during this transition experience in a statement he said this makes sergio ermotti ideally placed to pursue tin tell grags of credit suisse. >>> to washington, fdic treasury is expected to testify on the collapse of silicon valley bank and what if anything could have been done to prevent it, this after members of the senate banking committee grilled the witnesses yesterday. >> maybe something to look at all this and say we don't need new rules. the problem was those arrogant executives but there will always be arrogant executives. that's why we need strong rules. >> if you can't stay on mission and enforce the laws as they already are on the books, how can you ask congress for more authority with a straight face >> and that was just a sample of some of that grilling. joining me to discuss, an expert on all things banking. h hu, give us a sense >> thank you senate lawmakers grilling them it boiled down to them which is who's to blank f

he'll replace current ceo ralph hamers on april 5th.amers will be there to advice the bank the leadership change comes, in its words, in light of the new challenges and priorities facing ubs after the acquisition, the announcement of the acquisition of credit suisse hamers was rumored to be unhappy about the shotgun wedding between the two banks. by contrast, ermotti told the newspaper last september there was no compelling economic reason for switzerland to have two big banks. >> this is seen as a pretty difficult transition to try and combine investment banks and really put things together hamers is the guy who redid the investment banking division at ubs after the financial crisis he has a very good understanding of things. my understanding is he also has a pretty close relationship and is able to work politically with the government and -- this was a big question for swiss citizens too. a lot of unhappy people about this being put together and there's a lot of pressure for this to succeed. >> yeah. i'd be unhappy if i had owned some