UBS CEO Sergio Ermotti expected to step down in 2027 – report

UBS main enforcement Sergio Ermotti is preparing to permission his relation successful April 2027, reported the Financial Times citing sources.

Ermotti, who rejoined UBS successful 2023 pursuing the government-brokered acquisition of Credit Suisse, is anticipated to exit aft completing the integration enactment betwixt the 2 banking institutions.

The determination comes astatine a important infinitesimal for UBS, which is presently engaged successful discussions with Swiss authorities implicit plans to enforce stricter superior requirements.

This ongoing quality has prompted questions astir whether UBS mightiness see relocating its office abroad.

Chair Colm Kelleher brought Ermotti backmost into the main enforcement presumption astatine UBS, an bureau helium had occupied for 9 years until 2020, soon aft the slope agreed to get Credit Suisse successful a rescue deal.

The process of uncovering a replacement is expected to accelerate up of the bank's yearly wide gathering adjacent year, the quality work added.

Among those seen arsenic imaginable successors is Aleksandar Ivanovic, plus absorption main who joined the radical enforcement committee successful March 2024, arsenic per the report.

Other interior candidates see Iqbal Khan and Robert Karofsky, co-heads of wealthiness management, arsenic good arsenic Bea Martin, who became main operating serviceman past twelvemonth aft managing the part liable for winding down unwanted Credit Suisse assets.

The nonstop timing of Ermotti’s departure has not been confirmed by the committee and could inactive beryllium adjusted, sources added.

On his instrumentality to UBS, Ermotti committed to stay astatine the helm for 3 to 5 years erstwhile helium returned successful 2023.

His remit included overseeing the absorption of Credit Suisse and outlining plans for aboriginal maturation portion processing interior endowment for succession.

The integration process has included tackling regulatory and ineligible issues inherited from Credit Suisse. During this period, UBS's stock worth has doubled.

However, Ermotti’s tenure has besides seen a nationalist disagreement with Swiss authorities regarding proposals that would necessitate UBS to summation its superior buffer by astir $24bn.

The slope has argued that specified changes would “jeopardise” its operations. Decisions connected these reforms are expected earlier Ermotti steps down.

Chairman Kelleher is starring succession readying and is said to beryllium seeking a modulation akin to that precocious carried retired astatine Morgan Stanley, which offered a prime among respective interior candidates.

Iqbal Khan has often been mentioned arsenic a imaginable successor.

Previously astatine Credit Suisse, Khan moved to UBS aft a contentious occurrence with his erstwhile leader and aboriginal relocated to Hong Kong successful 2024 arsenic caput of Asia-Pacific. At that time, Robert Karofsky became caput of the Americas division.