Sergio Ermotti

From MarketsWiki
Jump to: navigation, search
ExAna-logo.jpg
Sergio Ermotti
Ermotti.jpg
Occupation CEO
Employer UBS
Location Zurich and Basel, Switzerland
Website www.ubs.com

Sergio Ermotti is group CEO of the Swiss bank UBS.[1] He plans to leave UBS at the end of October 2020 after serving as CEO since September 2011, initially on an interim basis. He will be succeeded by Group Chief Executive Officer Ralph Hamers, the former head of ING Groep NV. [2]

Ermotti ended his term at UBS Group AG after the company logged one of the best quarters since he took over nine years earlier. UBS reported better-than-expected profit on October 20, 2020, helped by a booming investment bank, unexpected inflows from rich clients, and some of the lowest provisions for bad loans in Europe. One of the longest-serving bank CEOs in Europe, Ermotti cut back the investment bank during his tenure and pivoted to a focus on wealth management. [3]

He joined the bank in April 2011, and less than six months later, a scandal involving a rogue trader in UBS' London office forced the bank’s chief executive, Oswald Grobel, to resign. Ermotti took over as CEO in November. [4]

Background

Ermotti was formerly the chairman and CEO of UBS Group Europe, Middle East and Africa.[5] He was the deputy chief executive of UniCredit Group from 2007 to 2010, managing corporate and investment banking and private banking for the company. He joined Unicredit in 2005 as the head of markets & investment banking.

Before that, he worked for Merrill Lynch as the co-head of global equity markets and as a member of the Executive Management Committee for Global Markets & Investment Banking. Ermotti began with Merrill Lynch in 1987.

Education

He earned a certificate in Swiss Banking and a master’s degree in management from Oxford.

Professional Organizations

References

  1. UBS board to anoint Ermotti CEO this week. Yahoo News.
  2. UBS appoints Ralph Hamers as Group Chief Executive Officer. UBS.com.
  3. Exit of UBS CEO Leaves Plenty for Successor. Bloomberg.com.
  4. Tale Of Two Bankers: Bob McCann, Sergio Ermotti Are Reinventing Wall Street. Forbes.
  5. Sergio P. Ermotti. UBS.