Good morning from the Financial Times.
Today is Tuesday, January 13th, and this is your FT News Briefing.
The head of Switzerland's largest bank is planning to move on.
And I don't know about you,
but this bidding war over Warner Brothers' discovery is making my head spin.
Plus,
FT columnist Rob Armstrong explains why the criminal investigation into Fed Chair Jay Powell is such a big deal.
I would go so far as to say,
anyone who would accept A nomination from the Trump administration to be the chair of the Fed right now.
Thereby proves that they are unqualified for the job.
I'm Mark Filipino and here's the news you need to start your day.
UBS Chief Executive Sergio Ermotti plans to step down in April next year.
Sources told the FTE that Ermotti will leave his post once UBS fully absorbs Credit Suisse.
Switzerland's government orchestrated the acquisition in 2023 when Credit Suisse was at risk of collapsing.
Ermotti has had two stints as CEO.
His first went from 2011 to 2020, and this one began during the Credit Suisse takeover.
Whoever replaces him will have their hands full.
The Swiss government wants to tighten UBS's capital requirements.
That sparked rumors that the bank might move its headquarters elsewhere.
Paramount is not giving up the fight to buy Warner Brothers Discovery.