UBS Group chief executive Sergio Ermotti, who helped the bank lead the acquisition and integration of former rival Credit Suisse, is planning to step down in April 2027, the report said. Financial Times this Tuesday (13).
Ermotti headed UBS from 2011 to 2020 and was rehired as chief executive in 2023 to lead the acquisition of Credit Suisse and leverage the Swiss banker’s experience in rebuilding the bank after the global financial crisis.
In 2024, he committed to running UBS ‘at a minimum’ until the Credit Suisse integration was completed in late 2026 or early 2027. Currently, UBS aims to ‘substantially’ complete the integration by the end of 2026.
The bank declined to comment on the Financial Times report.
The lender’s shares have risen nearly 30% in the past year and have more than doubled in value since the day before it bought Credit Suisse, which collapsed.
Aleksandar Ivanovic, head of asset management at UBS, has emerged as one of the executives most likely to succeed Ermotti, the Financial Times reported, citing sources.
Continues after advertising
The report comes at a time when UBS is trying to combat the Swiss government’s proposals to tighten banking rules.
Ermotti said late last year that UBS intended to continue operating outside Switzerland, but also said the Swiss government’s capital proposals were not acceptable to the bank.
