Sergio Ermotti’s position at the top of Switzerland’s largest bank has given rise to speculation for months even as he underlined his intention to stay until 2021. A media report suggests that he no longer is so sure about this.
His prospective departure date of 2021 would have seen Sergio Ermotti remain a full ten years at the top of UBS – now it looks as if he has decided to leave earlier.
In November, finews.com wrote that Ermotti had told his colleagues about his ambition to stay until 2021. But now, a report by «Bloomberg» (behind paywall) suggests that he has informed the board of his intention to step down later this year. The report was based on information from several people close to the matter.
Likely and Unlikely Successors
Should Ermotti indeed intend to leave his post this year, it would probably lower the chances of Iqbal Khan to become head of the bank. He only joined in 2019 from Credit Suisse and hasn’t been with UBS for long enough to take over from Ermotti, «Bloomberg» said.
One of the favorites to succeed Ermotti is Chief Operating Officer Sabine Keller-Busse. She has however never been in charge of a money-generating division.
Another candidate may be Tom Naratil, Khan’s co-leader at the wealth management unit of UBS.
No Comment
UBS didn’t comment the report. It will have plenty on its plate this year as it is, with the second round of its tax evasion trial in Paris slated for mid-2020. It hopes that the appeal court will overturn a conviction and fine of 4.5 billion Swiss francs ($4.6 billion) for abetting tax evasion.
