UBS CEO Search Underway After Sergio Ermotti's Departure

The search for a new UBS CEO is underway after Sergio Ermotti's departure. Ermotti, who has been leading the Swiss bank since 2011, will step down in December 2022.

UBS has a history of appointing experienced leaders to key positions, and it's likely that the bank will follow a similar approach in finding Ermotti's successor. The bank's board of directors will play a crucial role in identifying and selecting the next CEO.

The search process is expected to be thorough and may take several months to complete.

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The UBS leadership team has undergone significant changes in recent years. Ralph Hamers, a seasoned banker with a strong background in strategy and operations, took over as CEO in 2020.

Under Hamers' leadership, UBS has made a concerted effort to simplify its operations and reduce costs. This effort has led to the elimination of 9,000 jobs in 2020 alone.

The bank has also made significant investments in digital transformation, with a focus on improving customer experience and enhancing operational efficiency.

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UBS has started searching for a successor to Sergio Ermotti, who will step down as CEO in 2023.

Sergio Ermotti has been leading the bank since 2011 and will remain on the board of directors after his departure.

The search for a new CEO is an important milestone in the bank's leadership transition.

UBS's board of directors will oversee the search process and identify a suitable candidate.

The new CEO will be responsible for leading the bank's strategy and operations.

UBS has a strong track record of leadership development and succession planning.

The bank's leadership team has a deep understanding of the organization's goals and objectives.

The search for a new CEO will be a thorough and comprehensive process.

UBS will consider both internal and external candidates for the role.

The board of directors will work closely with the leadership team to identify a suitable candidate.

Sergio Ermotti's departure marks the end of an era for UBS.

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Sergio Ermotti took over as CEO of UBS in 2011, replacing Oswald Grubel.

Ermotti's leadership marked a turning point for the bank.

He implemented a cost-cutting plan to improve profitability.

During his tenure, Ermotti also oversaw the sale of UBS's private bank in the US.

This move was part of a broader effort to simplify the bank's operations.

Ermotti's leadership was marked by a focus on stability and profitability.

He led the bank through a period of significant change and transformation.

In 2019, Ermotti announced his plans to step down as CEO.

He was succeeded by Ralph Hamers, a former CEO of ING Group.

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Sergio Ermotti was born on 11 May 1960 in Lugano, Switzerland, an Italian-speaking city.

He pursued aspirations of being a professional footballer or sports teacher after secondary school, but instead chose to work at the Cornèr Bank in Lugano, where his father was employed.

Ermotti received a Swiss federal banking expert diploma and attended the Advanced Management Program at Oxford University.

He started his banking career with an apprenticeship at the Cornèr Bank, which led to a promotion to trading, and later moved to Citibank in Zurich, where he traded equity-linked products and served as Resident Vice President.

Ermotti's banking career took him to various roles, including managing director at Merrill Lynch in Zurich, and later to UniCredit in Milan, where he was head of markets & investment banking.

Sergio Ermotti was born on 11 May 1960 in Lugano, Switzerland, an Italian-speaking city. He grew up with a strong interest in sports, aspiring to be a professional footballer or sports teacher.

After secondary school, Ermotti pursued his dreams by enrolling in an apprenticeship at the Cornèr Bank in Lugano. His father was employed there, which likely played a role in his decision.

Ermotti invested part of his earnings into a high-yield bond, demonstrating his financial acumen from a young age.

Sergio Ermotti's banking career is a testament to his hard work and dedication. He started his career at the Cornèr Bank, where he completed an apprenticeship.

Ermotti was later promoted to trading and moved to Citibank in Zurich in 1986. He traded equity-linked products and later became the Resident Vice President.

In 1987, Ermotti joined the Swiss office of Merrill Lynch in Zurich, where he held various positions in equity derivatives and capital markets. He contributed to the expansion of the capital market business of the bank in Switzerland.

Ermotti was promoted to managing director in 1993 and moved to London to lead the European equity derivatives unit. Three years later, he relocated to New York as a head of global derivatives trading.

As a head of global derivatives trading, Ermotti also worked as the co-head of global equity markets and a member of the executive management committee for global markets & investment banking at Merrill Lynch.

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UBS Group AG, a Swiss multinational investment bank and financial services company, has a long history of innovation and growth.

The company's CEO, Ralph Hamers, has been at the helm since 2020, bringing with him a wealth of experience from his time as CEO of ING Group.

In 2020, UBS Group AG reported a net profit of CHF 6.7 billion, a significant increase from the previous year's CHF 4.5 billion.

The bank has made significant investments in digital transformation, with a focus on improving customer experience and increasing efficiency.

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