UBS Chief Executive Sergio Ermotti has expressed his desire to no longer lead the Swiss banking giant by 2030. Speaking at the Swiss Economic Forum in an interview aired by public broadcaster SRF on Friday, Ermotti responded “I hope not” when asked if he expected to remain CEO in four years’ time. This statement comes amidst earlier reports suggesting Ermotti might extend his tenure into the latter half of 2027 to guide UBS through a significant regulatory overhaul and allow the board more time to identify an internal successor, as one has not yet clearly emerged.
UBS is a global financial services company headquartered in Switzerland. It provides a wide range of services including wealth management, investment banking, and asset management to clients worldwide. The bank acquired its former rival Credit Suisse in a state-engineered emergency takeover in 2023, a move that significantly reshaped the Swiss financial landscape. Following this acquisition, government proposals for tougher capital requirements have been a notable factor weighing on UBS’s share price, presenting a complex challenge for the institution.
Ermotti acknowledged the impact of these developments, stating, “We had hoped that perhaps the issue of what happened with Credit Suisse would not affect us so directly.” He candidly added that UBS would likely emerge from the crisis’ post-mortem “with a black eye.” Despite these challenges, Ermotti conveyed strong confidence in the future partnership between Switzerland and UBS, reiterating his firm preference for the banking giant to maintain its base in Switzerland. “We absolutely want to stay in Switzerland,” he affirmed.
