UBS CEO Ermotti underlines his desire for internal successor

[ZURICH] UBS CEO Sergio Ermotti hopes his successor will be a candidate from within the bank, he told Swiss newspaper Tages-Anzeiger in an interview published on Thursday (Jan 15).

“I hope so,” Ermotti said in response to a question on whether his successor will be an internal candidate.

Ermotti, who oversaw the Swiss bank’s 2023 emergency takeover of Credit Suisse, is set to step down by the middle of 2027 although the timeline is not finalised, two sources with knowledge of the matter told Reuters this week.

“It’s always good to bring in new talent from outside,” Ermotti told the paper. “However, in order to maintain the right culture, a certain degree of continuity is absolutely crucial.”

The bank is currently putting together the right candidates for the new leadership, Ermotti added, stressing they must not only have professional expertise, but also integrity.

UBS executives seen as most likely to follow Ermotti as CEO include the bank’s asset management head Aleksandar Ivanovic, chief operating officer Bea Martin, Americas president Robert Karofsky and Asia-Pacific boss Iqbal Khan.

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“As previously communicated, I will complete the integration of Credit Suisse and remain CEO until at least the end of 2026 or spring 2027,” Ermotti told Tages-Anzeiger.

The integration means UBS will cut around 3,000 jobs in Switzerland, Ermotti added, reiterating a figure made public in 2023.

The majority of jobs are being cut through natural fluctuation, early retirement and similar measures, Ermotti said, stressing the bank aims to reduce the social impact. REUTERS