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{{Infobox person
{{Infobox person
| name = Sergio Ermotti
| name         = Sergio Ermotti
| birth_name = Sergio Pietro Ermotti
| birth_name   = Sergio Pietro Ermotti
| image = Sergio P. Ermotti.jpg
| image         = Sergio P. Ermotti.jpg
| caption = Ermotti in 2012
| caption       = Ermotti in 2012
| birth_date = {{birth date and age|1960|5|11|df=y}}
| birth_date   = {{Birth date and age|1960|5|11|df=y}}
| birth_place = Lugano, Switzerland
| birth_place   = [[Lugano]], Switzerland
| nationality = Swiss
| nationality   = Swiss
| occupation = Banking executive
| occupation   = Banking executive
| employer = [[UBS|UBS Group AG]]
| employer     = [[UBS|UBS Group AG]]
| title = Group Chief Executive Officer
| title         = Group Chief Executive Officer
| known_for = CEO of UBS Group, orchestrating the [[Credit Suisse]] acquisition
| known_for     = Restructuring of UBS, orchestrating the [[Credit Suisse]] acquisition
| spouse = Tina Ermotti
| spouse       = Tina Ermotti
| children = 2
| children     = 2
| awards        =
| website      =
}}
}}


'''Sergio Pietro Ermotti''' (born 11 May 1960) is a Swiss banking executive who serves as the Group Chief Executive Officer of [[UBS|UBS Group AG]], the world's largest wealth manager. A native of [[Lugano]], in the Italian-speaking canton of [[Ticino]], Ermotti first held the position of UBS Group CEO from November 2011 to October 2020, making him the longest-serving head of the bank during that tenure.<ref>{{cite news |last=Shotter |first=James |date=2017 |title=An audience with Sergio Ermotti: Tutto bene |url=https://www.fnlondon.com/articles/an-audience-with-sergio-ermotti-tutto-bene-20170710 |work=Financial News London |access-date=2026-02-24}}</ref> He returned to the role on 5 April 2023, replacing Ralph Hamers, to lead UBS through its historic emergency acquisition and integration of rival [[Credit Suisse]].<ref>{{cite news |last= |first= |date=2026-01-13 |title=UBS CEO Ermotti to step down in 2027 after wrapping up Credit Suisse project, sources say |url=https://www.reuters.com/sustainability/boards-policy-regulation/ubs-ceo-sergio-ermotti-plans-step-down-april-2027-ft-reports-2026-01-13/ |work=Reuters |access-date=2026-02-24}}</ref> Between his two stints at UBS, Ermotti served as chairman of [[Swiss Re]], one of the world's largest reinsurance companies, from April 2021 to April 2023. A polyglot who speaks Italian, German, French, and English fluently, Ermotti built his career across major European and American financial institutions before ascending to lead one of the most systemically important banks in the world. In January 2026, reports emerged that Ermotti was planning to step down from UBS in April 2027 upon completion of the Credit Suisse integration project.<ref>{{cite news |date=2026-01-13 |title=UBS boss Sergio Ermotti plans to step down in April 2027 |url=https://www.ft.com/content/0b6e4687-0804-448c-a7c4-155bc6005136 |work=Financial Times |access-date=2026-02-24}}</ref>
'''Sergio Pietro Ermotti''' (born 11 May 1960) is a Swiss banking executive who serves as the Group Chief Executive Officer of [[UBS|UBS Group AG]], the world's largest wealth manager. Born in [[Lugano]] in the Italian-speaking canton of [[Ticino]], Ermotti has spent more than four decades in international finance, rising through roles at several major European financial institutions before taking the helm at UBS in 2011 in the wake of a damaging rogue trader scandal. He led a sweeping restructuring of the bank over nearly a decade, repositioning it around wealth management and a leaner investment banking division. After stepping down in 2020 and serving as chairman of [[Swiss Re]], Ermotti returned to UBS in April 2023 to oversee the historic emergency acquisition of [[Credit Suisse]], one of the largest and most complex banking mergers in European history. Fluent in Italian, German, French, and English, Ermotti is one of the most prominent figures in Swiss and global finance.<ref name="efn">{{cite news |last= |first= |date=2011-09-26 |title=Meet UBS interim chief executive Sergio Ermotti |url=http://www.efinancialnews.com/story/2011-09-26/meet-ubs-interim-chief-executive-sergio-ermotti |work=eFinancialNews |access-date=2026-02-24}}</ref><ref name="reuters2011">{{cite news |last= |first= |date=2011-11-03 |title=UBS names Ermotti as permanent CEO |url=https://www.reuters.com/article/ubs-ermotti-idUSL5E7LV1J620111103 |work=Reuters |access-date=2026-02-24}}</ref> In early 2026, reports indicated that Ermotti plans to step down from the UBS CEO role in April 2027, following the completion of the Credit Suisse integration.<ref name="ft2026">{{cite news |last= |first= |date=2026-01-13 |title=UBS boss Sergio Ermotti plans to step down in April 2027 |url=https://www.ft.com/content/0b6e4687-0804-448c-a7c4-155bc6005136 |work=Financial Times |access-date=2026-02-24}}</ref>


== Early Life ==
== Early Life ==


Sergio Pietro Ermotti was born on 11 May 1960 in [[Lugano]], a city in the [[Ticino|Canton of Ticino]], the Italian-speaking region of [[Switzerland]].<ref>{{cite web |title=Sergio Ermotti |url=http://www.munzinger.de/document/00000028858 |publisher=Munzinger Archiv |date= |access-date=2026-02-24}}</ref> Growing up in the southernmost part of Switzerland, Ermotti was immersed in a multilingual and multicultural environment that would later prove advantageous in his international banking career.<ref>{{cite news |last=Shotter |first=James |date=2017 |title=An audience with Sergio Ermotti: Tutto bene |url=https://www.fnlondon.com/articles/an-audience-with-sergio-ermotti-tutto-bene-20170710 |work=Financial News London |access-date=2026-02-24}}</ref>
Sergio Pietro Ermotti was born on 11 May 1960 in [[Lugano]], a city in the Italian-speaking [[Canton of Ticino]] in southern Switzerland.<ref name="nzz1">{{cite news |last= |first= |date= |title=Sergio Ermotti |url=https://www.nzz.ch/sergio_ermotti-1.13364354 |work=Neue Zürcher Zeitung |access-date=2026-02-24}}</ref> Growing up in this multilingual region at the crossroads of Swiss, Italian, and broader European cultures, Ermotti developed fluency in Italian, German, French, and English — a linguistic versatility that would prove essential in his career leading multinational financial institutions.<ref name="fnlondon">{{cite news |last= |first= |date=2017-07-10 |title=An audience with Sergio Ermotti: Tutto bene |url=https://www.fnlondon.com/articles/an-audience-with-sergio-ermotti-tutto-bene-20170710 |work=Financial News London |access-date=2026-02-24}}</ref>


Unlike many of his peers leading major global banks, Ermotti did not follow a traditional university path. He began his career in banking through an apprenticeship model common in Switzerland, entering the financial services industry at a young age and building expertise through practical experience rather than academic credentials.<ref>{{cite news |date=2011-09-26 |title=Meet UBS interim chief executive Sergio Ermotti |url=http://www.efinancialnews.com/story/2011-09-26/meet-ubs-interim-chief-executive-sergio-ermotti |work=eFinancialNews |access-date=2026-02-24}}</ref> This background in the Swiss apprenticeship tradition shaped his pragmatic and results-oriented approach to management. His Ticinese origins also placed him as a relative outsider in Swiss banking circles, which historically have been dominated by executives from the German-speaking parts of the country, particularly [[Zurich]].<ref>{{cite news |date= |title=Sergio Ermotti |url=https://www.nzz.ch/sergio_ermotti-1.13364354 |work=Neue Zürcher Zeitung |access-date=2026-02-24}}</ref>
Ermotti did not follow the conventional path of many global banking CEOs, who frequently hold degrees from elite business schools or universities. Instead, he began his career in finance at a young age, entering the banking industry through an apprenticeship — a common route in the Swiss vocational education system. He completed a banking apprenticeship at Cornèr Bank in Lugano, which provided him with foundational training in financial services and capital markets.<ref name="efn" /><ref name="munzinger">{{cite web |title=Sergio Ermotti |url=http://www.munzinger.de/document/00000028858 |publisher=Munzinger Archiv |date= |access-date=2026-02-24}}</ref>
 
This early grounding in practical banking, rather than academic finance, shaped Ermotti's approach throughout his career. In interviews and profiles, his trajectory has been noted as distinctive among the leaders of major global banks, many of whom hold MBAs or advanced degrees. Ermotti's hands-on apprenticeship at a regional Swiss bank gave him direct experience in the operations of financial institutions from the ground up.<ref name="nzz2">{{cite news |last= |first= |date= |title=Im dritten Anlauf auf den Chefposten |url=https://www.nzz.ch/im_dritten_anlauf_auf_den_chefposten-1.12641267 |work=Neue Zürcher Zeitung |access-date=2026-02-24}}</ref>


== Career ==
== Career ==
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=== Early Career and Merrill Lynch ===
=== Early Career and Merrill Lynch ===


Ermotti began his career in the financial industry in the early 1980s, starting at Cornèr Banca and Citibank in Switzerland before moving on to larger international institutions. He spent a significant portion of his early career at [[Merrill Lynch]], the American investment bank and brokerage firm, where he rose through the ranks over nearly two decades.<ref>{{cite news |date=2011-09-26 |title=Meet UBS interim chief executive Sergio Ermotti |url=http://www.efinancialnews.com/story/2011-09-26/meet-ubs-interim-chief-executive-sergio-ermotti |work=eFinancialNews |access-date=2026-02-24}}</ref> At Merrill Lynch, Ermotti gained extensive experience in equities and derivatives trading, working across European operations and eventually rising to senior leadership positions. His tenure at the American firm provided him with deep knowledge of investment banking, capital markets, and international financial operations.<ref>{{cite news |last=Touryalai |first=Halah |date=2014-01-06 |title=Tale of Two Bankers: Bob McCann, Sergio Ermotti Are Reinventing Wall Street |url=https://www.forbes.com/sites/halahtouryalai/2014/01/06/tale-of-two-bankers-bob-mccann-sergio-ermotti-are-reinventing-wall-street/#68038e645fd6 |work=Forbes |access-date=2026-02-24}}</ref>
After completing his apprenticeship, Ermotti moved into the international capital markets sector. He joined [[Merrill Lynch]], the American investment bank, where he built his career over more than two decades. At Merrill Lynch, Ermotti worked in various roles across the firm's equities and derivatives businesses, eventually rising to senior leadership positions within the organization's European operations.<ref name="efn" /><ref name="bi2010">{{cite news |last= |first= |date=2010-11 |title=Sergio Ermotti, UBS, Merrill Lynch succession plan |url=http://www.businessinsider.com/sergio-ermotti-ubs-merrill-lynch-succession-plan-2010-11 |work=Business Insider |access-date=2026-02-24}}</ref>


The experience at Merrill Lynch was formative in preparing Ermotti for the leadership challenges he would later face at European banks. It exposed him to the Anglo-Saxon model of investment banking and wealth management, as well as the competitive dynamics of Wall Street, knowledge that would prove essential when he later sought to restructure UBS's investment banking division.<ref name="bloomberg2017">{{cite news |date=2017 |title=UBS's Sergio Ermotti Interview |url=https://www.bloomberg.com/features/2017-ubs-sergio-ermotti-interview/ |work=Bloomberg |access-date=2026-02-24}}</ref>
During his tenure at Merrill Lynch, Ermotti gained extensive experience in trading, risk management, and the strategic direction of investment banking operations. His long service at the firm allowed him to develop deep relationships across the global financial industry and provided him with a thorough understanding of the investment banking landscape, from equities trading to structured products.<ref name="efn" />


=== UniCredit ===
=== UniCredit ===


After leaving Merrill Lynch, Ermotti joined [[UniCredit]], the Italian banking group, where he served as deputy general manager and head of the Markets & Investment Banking (MIB) division.<ref>{{cite news |date=2011-09-26 |title=Meet UBS interim chief executive Sergio Ermotti |url=http://www.efinancialnews.com/story/2011-09-26/meet-ubs-interim-chief-executive-sergio-ermotti |work=eFinancialNews |access-date=2026-02-24}}</ref> At UniCredit, Ermotti was responsible for the bank's corporate and investment banking operations, overseeing a major division of one of Europe's largest banking groups. His time at UniCredit demonstrated his ability to operate at the highest levels of continental European banking and further expanded his network across the financial industry.<ref>{{cite web |title=Sergio Ermotti UBS UniCredit Andrea Orcel |url=https://www.finews.com/news/english-news/23033-sergio-ermotti-ubs-unicredit-andrea-orcel |publisher=finews.com |date= |access-date=2026-02-24}}</ref>
After leaving Merrill Lynch, Ermotti moved to [[UniCredit]], one of Italy's and Europe's largest banking groups. At UniCredit, he served in senior executive positions, including as deputy CEO of the group. His role at UniCredit involved overseeing the bank's markets and investment banking division, and he was involved in strategic decision-making at the highest levels of the institution.<ref name="finews_unicredit">{{cite web |title=Sergio Ermotti, UBS, UniCredit, Andrea Orcel |url=https://www.finews.com/news/english-news/23033-sergio-ermotti-ubs-unicredit-andrea-orcel |publisher=finews.com |date= |access-date=2026-02-24}}</ref><ref name="ticinonews">{{cite web |title=Sergio Ermotti lascerà UniCredit |url=http://www.ticinonews.ch/economia/82238/sergio-ermotti-lascera-unicredit |publisher=TicinoNews |date= |access-date=2026-02-24}}</ref>


Ermotti's departure from UniCredit became a matter of public interest, as reports at the time indicated he left the Italian bank amid internal restructuring and leadership changes.<ref>{{cite web |title=Sergio Ermotti lascerà UniCredit |url=http://www.ticinonews.ch/economia/82238/sergio-ermotti-lascera-unicredit |publisher=Ticinonews |date= |access-date=2026-02-24}}</ref> His exit positioned him for the opportunity that would define his career — the top job at UBS.
Ermotti's departure from UniCredit was reported as a significant event in European banking circles. His time at the Italian bank further broadened his understanding of European regulatory frameworks, cross-border banking, and the complexities of managing a multinational financial conglomerate — experience that would prove directly relevant to his later leadership of UBS.<ref name="ticinonews" />


=== First Tenure as UBS CEO (2011–2020) ===
=== First Tenure as UBS CEO (2011–2020) ===


==== Appointment After the Rogue Trader Scandal ====
==== Appointment and the Rogue Trader Scandal ====


Ermotti's ascent to the leadership of UBS came at a moment of crisis. In September 2011, UBS disclosed that a rogue trader, [[Kweku Adoboli]], had caused losses of approximately $2.3 billion through unauthorized trading in the bank's London investment banking operations. The scandal led to the resignation of then-CEO Oswald Grübel, and Ermotti was appointed interim Group CEO on 24 September 2011.<ref>{{cite news |date=2011-09-26 |title=Meet UBS interim chief executive Sergio Ermotti |url=http://www.efinancialnews.com/story/2011-09-26/meet-ubs-interim-chief-executive-sergio-ermotti |work=eFinancialNews |access-date=2026-02-24}}</ref> On 15 November 2011, UBS confirmed Ermotti as permanent Group CEO, formalizing his leadership of the bank.<ref>{{cite news |date=2011-11-15 |title=UBS Names Sergio Ermotti as Chief Executive |url=https://dealbook.nytimes.com/2011/11/15/ubs-names-sergio-ermotti-as-chief-executive/ |work=The New York Times DealBook |access-date=2026-02-24}}</ref><ref>{{cite news |date=2011-11-03 |title=UBS Ermotti |url=https://www.reuters.com/article/ubs-ermotti-idUSL5E7LV1J620111103 |work=Reuters |access-date=2026-02-24}}</ref>
In September 2011, [[UBS]] was struck by a major scandal when Kweku Adoboli, a trader in the bank's London investment banking division, was found to have caused losses of approximately $2.3 billion through unauthorized trading. The scandal led to the resignation of then-CEO Oswald Grübel. On 24 September 2011, UBS appointed Ermotti as interim Group CEO.<ref name="efn" /><ref name="nytimes2011">{{cite news |last= |first= |date=2011-11-15 |title=UBS Names Sergio Ermotti as Chief Executive |url=https://dealbook.nytimes.com/2011/11/15/ubs-names-sergio-ermotti-as-chief-executive/ |work=The New York Times DealBook |access-date=2026-02-24}}</ref>


The appointment represented a significant bet by UBS's board, led by Chairman [[Axel Weber]], on a relatively less well-known figure in global banking. Ermotti had joined UBS only a short time before as the head of its Europe, Middle East and Africa (EMEA) operations, and his rapid elevation to the top role reflected both the urgency of the situation and the board's confidence in his capabilities.<ref>{{cite news |date= |title=Im dritten Anlauf auf den Chefposten |url=https://www.nzz.ch/im_dritten_anlauf_auf_den_chefposten-1.12641267 |work=Neue Zürcher Zeitung |access-date=2026-02-24}}</ref>
On 15 November 2011, the UBS Board of Directors confirmed Ermotti as permanent Group CEO, making him the first person from Ticino and the first Italian-speaking Swiss national to lead the bank.<ref name="nytimes2011" /><ref name="reuters2011" /> His appointment came at a period of significant turmoil for UBS, which was still recovering from heavy losses incurred during the 2007–2008 financial crisis and was now dealing with the reputational fallout of the rogue trading incident.


==== Strategic Restructuring ====
==== Strategic Restructuring ====


Upon taking charge, Ermotti initiated one of the most significant strategic transformations in the history of European banking. Recognizing that UBS's large and capital-intensive investment banking division had been the source of repeated crises — including massive losses during the [[2007–2008 financial crisis]] and the rogue trading scandal — Ermotti charted a new course for the bank. He placed wealth management and the Swiss domestic banking business at the center of UBS's strategy, alongside asset management, while significantly scaling back the investment banking division to make it more focused and capital-light.<ref>{{cite news |last=Touryalai |first=Halah |date=2014-01-06 |title=Tale of Two Bankers: Bob McCann, Sergio Ermotti Are Reinventing Wall Street |url=https://www.forbes.com/sites/halahtouryalai/2014/01/06/tale-of-two-bankers-bob-mccann-sergio-ermotti-are-reinventing-wall-street/#68038e645fd6 |work=Forbes |access-date=2026-02-24}}</ref>
Ermotti initiated a far-reaching restructuring of UBS that fundamentally reshaped the bank's business model. The core of his strategy involved redefining UBS's priorities away from large-scale investment banking — which had been a major source of both revenue and risk — toward wealth management and the bank's Swiss domestic business. Asset management was also positioned as a central pillar, alongside a more focused and capital-light investment banking operation.<ref name="ft2014">{{cite news |last= |first= |date=2014 |title=UBS restructuring |url=https://www.ft.com/content/5296441e-c0a0-11e3-8578-00144feabdc0 |work=Financial Times |access-date=2026-02-24}}</ref><ref name="forbes2014">{{cite news |last=Touryalai |first=Halah |date=2014-01-06 |title=Tale Of Two Bankers: Bob McCann, Sergio Ermotti Are Reinventing Wall Street |url=https://www.forbes.com/sites/halahtouryalai/2014/01/06/tale-of-two-bankers-bob-mccann-sergio-ermotti-are-reinventing-wall-street/#68038e645fd6 |work=Forbes |access-date=2026-02-24}}</ref>


This restructuring involved thousands of job cuts in the investment banking arm, the exit from several business lines in fixed-income trading, and a redeployment of capital toward the bank's core strengths in managing money for wealthy individuals and institutional clients. The strategy was described by some analysts as a model for how European banks could adapt to the post-financial-crisis regulatory environment, which imposed higher capital requirements and tighter oversight on trading activities.<ref>{{cite news |date=2014 |title=UBS Ermotti interview |url=https://www.ft.com/content/5296441e-c0a0-11e3-8578-00144feabdc0 |work=Financial Times |access-date=2026-02-24}}</ref>
This strategic shift was notable at the time, as it represented one of the first major moves by a global bank to voluntarily scale back its investment banking ambitions in favor of a more stable, fee-based business model. Ermotti implemented strict corporate governance policies and community standards aimed at rebuilding trust in the institution and preventing future trading scandals.<ref name="efn" />


Ermotti also implemented stricter corporate governance policies and risk management controls in the wake of the rogue trading scandal, seeking to restore confidence among regulators, clients, and shareholders.<ref name="bloomberg2017" /> Under his leadership, UBS strengthened its position as the world's largest wealth manager, with the bank managing trillions of dollars in assets for high-net-worth and ultra-high-net-worth clients globally.
Under Ermotti's leadership, UBS significantly reduced its risk-weighted assets in the investment bank, cut thousands of positions in the fixed-income trading division, and invested heavily in its global wealth management platform. The bank's strategic pivot was profiled in major financial publications, with ''Forbes'' describing the transformation as a reinvention of the bank's approach to Wall Street.<ref name="forbes2014" />


==== Longest-Serving UBS CEO ====
==== Longest-Serving UBS CEO ====


Ermotti's first tenure lasted nearly a decade, making him the longest-serving chief executive in UBS's modern history.<ref>{{cite web |title=UBS Sergio Ermotti Axel Weber succession planning |url=https://www.finews.asia/finance/25654-peoplemoves-ubs-sergio-ermotti-axel-weber-succession-planning |publisher=finews.asia |date= |access-date=2026-02-24}}</ref> During this period, he navigated the bank through a complex regulatory landscape, including the resolution of several legacy legal matters related to activities predating his appointment. His leadership was characterized by a consistent emphasis on capital discipline, cost management, and the primacy of the wealth management franchise.
Ermotti led UBS for nearly a decade, making him the longest-serving head of the bank. During this period, UBS consolidated its position as the world's largest wealth manager by assets under management. The bank navigated numerous challenges, including the European sovereign debt crisis, increased regulatory requirements following the global financial crisis, negative interest rates in Switzerland and the eurozone, and ongoing legacy litigation matters.<ref name="bloomberg2017">{{cite web |title=UBS Sergio Ermotti Interview |url=https://www.bloomberg.com/features/2017-ubs-sergio-ermotti-interview/ |publisher=Bloomberg |date=2017 |access-date=2026-02-24}}</ref>


In February 2020, UBS announced that [[Ralph Hamers]], then CEO of [[ING Group]], would succeed Ermotti as Group CEO, effective 1 November 2020.<ref>{{cite news |date=2011-11-15 |title=UBS Names Sergio Ermotti as Chief Executive |url=https://dealbook.nytimes.com/2011/11/15/ubs-names-sergio-ermotti-as-chief-executive/ |work=The New York Times DealBook |access-date=2026-02-24}}</ref> Ermotti's departure marked the end of a transformative era for UBS, during which the bank's strategic identity had shifted substantially from that of a full-service investment bank to a wealth management-centric institution.
In a 2017 interview with ''Bloomberg'', Ermotti discussed his strategic vision for UBS and the banking industry more broadly, reflecting on the transformation he had overseen and the competitive position of the firm.<ref name="bloomberg2017" />
 
Questions about succession planning at UBS arose periodically throughout Ermotti's tenure. In February 2020, UBS announced that Ralph Hamers, then the CEO of [[ING Group]], would succeed Ermotti as Group CEO effective 1 November 2020.<ref name="finews_succession">{{cite web |title=UBS, Sergio Ermotti, Axel Weber, succession planning |url=https://www.finews.asia/finance/25654-peoplemoves-ubs-sergio-ermotti-axel-weber-succession-planning |publisher=finews.asia |date= |access-date=2026-02-24}}</ref> Ermotti stepped down as planned, concluding his first tenure at the top of one of the world's largest banks.


=== Swiss Re Chairmanship (2021–2023) ===
=== Swiss Re Chairmanship (2021–2023) ===


Following his departure from UBS, Ermotti was appointed chairman of [[Swiss Re]], one of the world's largest reinsurance companies, in April 2021. He succeeded Walter Kielholz in the role.<ref>{{cite news |date=2026-01-13 |title=UBS CEO Ermotti to step down in 2027 after wrapping up Credit Suisse project, sources say |url=https://www.reuters.com/sustainability/boards-policy-regulation/ubs-ceo-sergio-ermotti-plans-step-down-april-2027-ft-reports-2026-01-13/ |work=Reuters |access-date=2026-02-24}}</ref> The Swiss Re chairmanship placed Ermotti at the helm of another of Switzerland's most prominent financial institutions and demonstrated the high regard in which he was held within Swiss corporate governance circles. His tenure at Swiss Re was cut short, however, by the extraordinary events of 2023.
Following his departure from UBS, Ermotti was appointed chairman of [[Swiss Re]], one of the world's largest reinsurance companies, in April 2021. He succeeded Walter Kielholz in the role. As chairman, Ermotti oversaw the governance and strategic direction of Swiss Re during a period marked by elevated catastrophe losses, the ongoing effects of the COVID-19 pandemic on the insurance industry, and shifting macroeconomic conditions.<ref name="nzz1" />
 
Ermotti served as Swiss Re chairman until April 2023, when he was called upon to return to UBS.


=== Return to UBS and Credit Suisse Acquisition (2023–present) ===
=== Return to UBS and the Credit Suisse Acquisition (2023–Present) ===


==== The Emergency Takeover ====
==== Emergency Takeover of Credit Suisse ====


In March 2023, [[Credit Suisse]], Switzerland's second-largest bank, faced a terminal crisis of confidence after years of scandals, losses, and management upheaval. The Swiss government, the [[Swiss National Bank]], and the Swiss Financial Market Supervisory Authority ([[FINMA]]) brokered an emergency acquisition of Credit Suisse by UBS to prevent a broader financial contagion. UBS agreed to acquire Credit Suisse in a deal that was among the most consequential in global banking history.
In March 2023, [[Credit Suisse]], Switzerland's second-largest bank, faced a severe crisis of confidence following years of scandals, risk management failures, and significant financial losses. Amid rapidly deteriorating market conditions and a run on deposits, the Swiss government, the [[Swiss Financial Market Supervisory Authority]] (FINMA), and the [[Swiss National Bank]] brokered an emergency acquisition of Credit Suisse by UBS. The deal, announced on 19 March 2023, was one of the most significant events in modern European banking history.


To lead UBS through this historic integration, the bank's board turned once again to Ermotti. On 5 April 2023, he was appointed Group CEO, replacing Ralph Hamers, who had held the position since November 2020.<ref>{{cite news |date=2026-01-13 |title=UBS CEO Ermotti to step down in 2027 after wrapping up Credit Suisse project, sources say |url=https://www.reuters.com/sustainability/boards-policy-regulation/ubs-ceo-sergio-ermotti-plans-step-down-april-2027-ft-reports-2026-01-13/ |work=Reuters |access-date=2026-02-24}}</ref> Ermotti's reappointment was driven by the board's belief that his deep institutional knowledge of UBS, his experience in restructuring the bank during his first tenure, and his standing with regulators and clients made him the most suitable leader for the complex integration challenge ahead.
On 5 April 2023, Ermotti was appointed Group CEO of UBS for the second time, replacing Ralph Hamers, who had led the bank since November 2020. The UBS Board of Directors selected Ermotti to lead the combined entity, citing his deep knowledge of UBS, his experience managing complex restructurings, and his established relationships with regulators and stakeholders in Switzerland and internationally.<ref name="reuters2027">{{cite news |last= |first= |date=2026-01-13 |title=UBS CEO Ermotti to step down in 2027 after wrapping up Credit Suisse project, sources say |url=https://www.reuters.com/sustainability/boards-policy-regulation/ubs-ceo-sergio-ermotti-plans-step-down-april-2027-ft-reports-2026-01-13/ |work=Reuters |access-date=2026-02-24}}</ref>


==== Integration of Credit Suisse ====
==== Integration of Credit Suisse ====


The integration of Credit Suisse into UBS represented one of the largest and most complex bank mergers in history. The combined entity became a significantly larger institution with expanded operations across wealth management, investment banking, and Swiss domestic banking. Ermotti assumed responsibility for managing the operational, cultural, and regulatory challenges of merging two of Switzerland's largest and most storied financial institutions.
Upon his return, Ermotti took charge of integrating Credit Suisse into UBS — a task involving the combination of two of the world's most complex financial institutions across dozens of countries, thousands of legal entities, and hundreds of thousands of client relationships. The integration process included significant cost-reduction measures, technology platform consolidation, and workforce restructuring.
 
In February 2026, Ermotti stated that the majority of job reductions in UBS's Swiss operations would take place in the second half of 2026, as the integration process continued to advance.<ref name="reuters_jobs">{{cite news |last= |first= |date=2026-02-04 |title=UBS Swiss job cuts coming later in 2026, CEO says |url=https://www.reuters.com/business/finance/ubs-swiss-job-cuts-coming-later-2026-ceo-says-2026-02-04/ |work=Reuters |access-date=2026-02-24}}</ref>
 
The bank reported strong financial results during the integration period. In February 2026, Ermotti described UBS's fourth-quarter 2025 earnings as "very strong," noting the firm's continued progress in integrating Credit Suisse operations and realizing cost synergies.<ref name="cnbc2026">{{cite news |last= |first= |date=2026-02-04 |title=UBS CEO Sergio Ermotti welcomes 'very strong' fourth-quarter results |url=https://www.cnbc.com/video/2026/02/04/ubs-ceo-sergio-ermotti-welcomes-very-strong-fourth-quarter-results.html |work=CNBC |access-date=2026-02-24}}</ref>
 
In October 2025, Ermotti discussed UBS's earnings and the bank's exposure to credit market risks in a ''Bloomberg'' interview, including the fallout from the collapse of US auto parts supplier First Brands.<ref name="bloomberg_q3">{{cite web |title=Watch UBS Earnings: CEO Sergio Ermotti on Credit Market Risks, First Brands, Swiss Capital Requirements |url=https://www.bloomberg.com/news/videos/2025-10-29/in-full-ubs-ceo-ermotti-on-q3-earnings-credit-markets-video |publisher=Bloomberg |date=2025-10-29 |access-date=2026-02-24}}</ref>


A significant aspect of the integration involved workforce reductions. In February 2026, Ermotti stated that the majority of job cuts in UBS's Swiss business would likely take place in the second half of 2026.<ref>{{cite news |date=2026-02-04 |title=UBS Swiss job cuts coming later in 2026, CEO says |url=https://www.reuters.com/business/finance/ubs-swiss-job-cuts-coming-later-2026-ceo-says-2026-02-04/ |work=Reuters |access-date=2026-02-24}}</ref> The job reductions were a politically sensitive issue in Switzerland, given the national importance of both UBS and Credit Suisse as employers.
==== Wealth Management Strategy ====


Under Ermotti's leadership during the integration, UBS reported strong financial performance. In early February 2026, Ermotti described UBS's fourth-quarter results as "very strong."<ref>{{cite news |date=2026-02-04 |title=UBS CEO Sergio Ermotti welcomes 'very strong' fourth-quarter results |url=https://www.cnbc.com/video/2026/02/04/ubs-ceo-sergio-ermotti-welcomes-very-strong-fourth-quarter-results.html |work=CNBC |access-date=2026-02-24}}</ref> He also addressed the balance between shareholder returns and financial advisor compensation, stating that UBS aimed to ensure "that there is a good balance between what shareholders make and what financial advisors make."<ref>{{cite news |date=2026-02 |title=UBS Willing to Sacrifice Firm's Popularity With Stagnant Advisors: CEO |url=https://www.advisorhub.com/ubs-willing-to-sacrifice-firms-popularity-with-stagnant-advisors-ceo/ |work=AdvisorHub |access-date=2026-02-24}}</ref>
Under Ermotti's second tenure, UBS continued to emphasize its global wealth management franchise as the firm's primary business. In early 2026, speaking about UBS's approach to its wealth management workforce, Ermotti stated that the bank aimed to ensure "that there is a good balance between what shareholders make and what financial advisors make," indicating a focus on aligning compensation structures with firm-wide profitability goals.<ref name="advisorhub">{{cite news |last= |first= |date=2026-02 |title=UBS Willing to Sacrifice Firm's Popularity With Stagnant Advisors: CEO |url=https://www.advisorhub.com/ubs-willing-to-sacrifice-firms-popularity-with-stagnant-advisors-ceo/ |work=AdvisorHub |access-date=2026-02-24}}</ref>


==== Planned Departure in 2027 ====
==== Planned Departure in 2027 ====


In January 2026, the ''Financial Times'' reported that Ermotti was planning to step down from UBS in April 2027, upon the expected completion of the Credit Suisse integration.<ref>{{cite news |date=2026-01-13 |title=UBS boss Sergio Ermotti plans to step down in April 2027 |url=https://www.ft.com/content/0b6e4687-0804-448c-a7c4-155bc6005136 |work=Financial Times |access-date=2026-02-24}}</ref> Reuters confirmed the reporting, noting that Ermotti's planned departure was tied to wrapping up the Credit Suisse integration project.<ref>{{cite news |date=2026-01-13 |title=UBS CEO Ermotti to step down in 2027 after wrapping up Credit Suisse project, sources say |url=https://www.reuters.com/sustainability/boards-policy-regulation/ubs-ceo-sergio-ermotti-plans-step-down-april-2027-ft-reports-2026-01-13/ |work=Reuters |access-date=2026-02-24}}</ref> The announcement set off speculation about Ermotti's successor, with Ermotti himself stating that UBS would also consider external candidates to replace him, signaling a broadening of the succession race.<ref>{{cite news |date=2026-01-20 |title=UBS Also Considering External CEO Candidates, Ermotti Says |url=https://www.bloomberg.com/news/articles/2026-01-20/ubs-also-considering-external-ceo-candidates-ermotti-says |work=Bloomberg |access-date=2026-02-24}}</ref>
In January 2026, the ''Financial Times'' reported that Ermotti was planning to step down as UBS CEO in April 2027, once the Credit Suisse integration was substantially complete.<ref name="ft2026" /> Reuters confirmed the reporting, noting that Ermotti had overseen the Swiss bank's emergency takeover of Credit Suisse and was expected to remain until the integration reached its concluding stages.<ref name="reuters2027" />
 
Following the announcement, Ermotti stated in a January 2026 interview with ''Bloomberg'' that UBS would consider both internal and external candidates to succeed him, signaling that the succession process would be broad-based.<ref name="bloomberg_succession">{{cite news |last= |first= |date=2026-01-20 |title=UBS Also Considering External CEO Candidates, Ermotti Says |url=https://www.bloomberg.com/news/articles/2026-01-20/ubs-also-considering-external-ceo-candidates-ermotti-says |work=Bloomberg |access-date=2026-02-24}}</ref>


The ''Private Banker International'' also reported on Ermotti's expected departure, noting the timeline aligned with the conclusion of the major integration milestones.<ref>{{cite web |title=UBS CEO Sergio Ermotti expected to step down in 2027 – report |url=https://www.privatebankerinternational.com/news/ubs-ceo-ermotti-step-down-2027/ |publisher=Private Banker International |date=2026-01 |access-date=2026-02-24}}</ref>
''Private Banker International'' also reported on the planned transition, noting the significance of the departure timeline in the context of the Credit Suisse integration.<ref name="pbi">{{cite news |last= |first= |date=2026-01 |title=UBS CEO Sergio Ermotti expected to step down in 2027 – report |url=https://www.privatebankerinternational.com/news/ubs-ceo-ermotti-step-down-2027/ |work=Private Banker International |access-date=2026-02-24}}</ref>


== Personal Life ==
== Personal Life ==


Ermotti is married to Tina Ermotti, and the couple have two children.<ref>{{cite news |date=2011-09-26 |title=Meet UBS interim chief executive Sergio Ermotti |url=http://www.efinancialnews.com/story/2011-09-26/meet-ubs-interim-chief-executive-sergio-ermotti |work=eFinancialNews |access-date=2026-02-24}}</ref> He speaks four languages fluently: Italian (his native language), German, French, and English, reflecting both his upbringing in multilingual Switzerland and his international career.<ref>{{cite news |last=Shotter |first=James |date=2017 |title=An audience with Sergio Ermotti: Tutto bene |url=https://www.fnlondon.com/articles/an-audience-with-sergio-ermotti-tutto-bene-20170710 |work=Financial News London |access-date=2026-02-24}}</ref>
Ermotti is married to Tina Ermotti. The couple have two children.<ref name="nzz1" /> The family has been based in Switzerland.


Speculation has periodically surfaced about Ermotti entering Swiss politics, particularly regarding a potential candidacy for the [[Federal Council (Switzerland)|Federal Council]] (''Bundesrat''), the Swiss executive body. Ermotti has consistently dismissed such speculation, stating that he is "not a politician."<ref>{{cite web |title=Ermotti not for president |url=https://www.finews.asia/finance/25097-ermotti-not-for-president |publisher=finews.asia |date= |access-date=2026-02-24}}</ref>
Ermotti speaks four languages fluently: Italian (his mother tongue), German, French, and English. This multilingual ability has been noted as an asset in his leadership of UBS, which operates across the linguistic regions of Switzerland and in financial centers worldwide.<ref name="fnlondon" />


Ermotti is also a member of the board of the [[Institute of International Finance]], a global association of financial institutions.
There has been periodic speculation in Swiss media about whether Ermotti might enter politics following his banking career, particularly given his prominence and public profile in Switzerland. In response to questions about potentially running for a seat on the [[Federal Council (Switzerland)|Swiss Federal Council]] (Bundesrat), Ermotti stated that he was "not a politician," ruling out a transition into national political office.<ref name="finews_politics">{{cite web |title=Ermotti: Not for President |url=https://www.finews.asia/finance/25097-ermotti-not-for-president |publisher=finews.asia |date= |access-date=2026-02-24}}</ref>
 
Ermotti is also a board member of the [[Institute of International Finance]], a global association of financial institutions.<ref name="nzz1" />


== Recognition ==
== Recognition ==


Ermotti's leadership at UBS during two distinct and challenging periods has been the subject of considerable attention from financial media and industry observers. His first tenure, which saw the transformation of UBS from a crisis-prone universal bank into a wealth management-focused institution, was profiled by major publications including ''Bloomberg'', the ''Financial Times'', ''Forbes'', and the ''New York Times''.<ref name="bloomberg2017" /><ref>{{cite news |last=Touryalai |first=Halah |date=2014-01-06 |title=Tale of Two Bankers: Bob McCann, Sergio Ermotti Are Reinventing Wall Street |url=https://www.forbes.com/sites/halahtouryalai/2014/01/06/tale-of-two-bankers-bob-mccann-sergio-ermotti-are-reinventing-wall-street/#68038e645fd6 |work=Forbes |access-date=2026-02-24}}</ref>
Ermotti's leadership of UBS has been the subject of extensive coverage in the international financial press. His restructuring of UBS during his first tenure (2011–2020) was profiled in outlets including ''Forbes'', the ''Financial Times'', ''Bloomberg'', and the ''New York Times''.<ref name="forbes2014" /><ref name="ft2014" /><ref name="bloomberg2017" /><ref name="nytimes2011" />
 
His role as the longest-serving CEO of UBS prior to his departure in 2020 was noted as a period of relative stability for the bank following the turbulence of the late 2000s and early 2010s. The decision by UBS to bring Ermotti back in 2023 to lead the Credit Suisse acquisition was itself regarded as a recognition of his institutional knowledge and leadership credentials.<ref name="reuters2027" />


His return to UBS in 2023 to manage the Credit Suisse acquisition elevated his profile further, as the merger was one of the most significant events in global banking in decades. His handling of the integration has been closely watched by regulators, investors, and the financial press globally. Bloomberg profiled his management of risk and earnings during the integration period, including his commentary on credit market risks and the bank's financial performance.<ref>{{cite news |date=2025-10-29 |title=Watch UBS Earnings: CEO Sergio Ermotti on Credit Market Risks, First Brands, Swiss Capital Requirements |url=https://www.bloomberg.com/news/videos/2025-10-29/in-full-ubs-ceo-ermotti-on-q3-earnings-credit-markets-video |work=Bloomberg |access-date=2026-02-24}}</ref>
''Financial News London'' profiled Ermotti in 2017 under the headline "An audience with Sergio Ermotti: Tutto bene," exploring his management style and the cultural dimensions of his leadership at a major Swiss-German institution as a Ticinese Italian-speaker.<ref name="fnlondon" />


Ermotti's career trajectory — from a banking apprentice in Ticino to the leader of the world's largest wealth manager during one of its most critical periods — has been noted as a distinctive path in European banking, where the top positions have traditionally been occupied by individuals with elite academic credentials.<ref>{{cite news |date=2011-09-26 |title=Meet UBS interim chief executive Sergio Ermotti |url=http://www.efinancialnews.com/story/2011-09-26/meet-ubs-interim-chief-executive-sergio-ermotti |work=eFinancialNews |access-date=2026-02-24}}</ref>
The ''Neue Zürcher Zeitung'', Switzerland's newspaper of record, has published multiple profiles and analyses of Ermotti's career and his impact on the Swiss banking sector.<ref name="nzz1" /><ref name="nzz2" />


== Legacy ==
== Legacy ==


Ermotti's legacy in global banking is primarily defined by two achievements: the strategic restructuring of UBS during his first tenure and the management of the Credit Suisse acquisition during his second. The restructuring of UBS between 2011 and 2020 is regarded as a case study in how European banks adapted to the post-2008 regulatory environment. By shrinking the investment bank and centering UBS's identity around wealth management, Ermotti effectively redefined the institution's business model in a manner that subsequently influenced strategic thinking at other major European banks.<ref>{{cite news |last=Touryalai |first=Halah |date=2014-01-06 |title=Tale of Two Bankers: Bob McCann, Sergio Ermotti Are Reinventing Wall Street |url=https://www.forbes.com/sites/halahtouryalai/2014/01/06/tale-of-two-bankers-bob-mccann-sergio-ermotti-are-reinventing-wall-street/#68038e645fd6 |work=Forbes |access-date=2026-02-24}}</ref>
Ermotti's career at UBS spans two distinct chapters, each defined by crisis and transformation. During his first tenure, he took over a bank reeling from the 2011 rogue trader scandal and executed a strategic restructuring that moved UBS away from high-risk investment banking and toward wealth management. This shift predated a broader industry trend among European banks toward capital-light business models and was widely analyzed in the financial press as a significant strategic pivot.<ref name="forbes2014" /><ref name="ft2014" />
 
His return in 2023 to oversee the Credit Suisse acquisition placed him at the center of one of the most consequential events in Swiss financial history. The emergency merger of Switzerland's two largest banks created a combined institution of enormous scale and complexity, with significant implications for the Swiss economy, global financial regulation, and the competitive landscape of international banking.


The Credit Suisse acquisition, meanwhile, represented a defining moment for the Swiss financial system. The merger of Switzerland's two largest banks into a single institution raised questions about market concentration, systemic risk, and employment that will shape Swiss financial regulation for years to come. Ermotti's role in executing this merger — managing the operational integration while maintaining financial performance — is likely to be the defining chapter of his career.<ref>{{cite news |date=2026-01-13 |title=UBS CEO Ermotti to step down in 2027 after wrapping up Credit Suisse project, sources say |url=https://www.reuters.com/sustainability/boards-policy-regulation/ubs-ceo-sergio-ermotti-plans-step-down-april-2027-ft-reports-2026-01-13/ |work=Reuters |access-date=2026-02-24}}</ref>
The planned completion of the Credit Suisse integration and Ermotti's anticipated departure in 2027 would mark the end of a period in which he served as UBS Group CEO for a cumulative total of approximately fourteen years across two tenures — an unusually long period of leadership at the top of a major global bank.<ref name="ft2026" /><ref name="reuters2027" />


His planned departure in 2027, if it proceeds as reported, would cap a career in which Ermotti led UBS for a combined total of approximately fourteen years across two tenures — an exceptional period of leadership at a single institution in the modern banking era. The succession process he initiated, which includes consideration of both internal and external candidates, reflects his stated commitment to ensuring continuity for the combined UBS–Credit Suisse entity.<ref>{{cite news |date=2026-01-20 |title=UBS Also Considering External CEO Candidates, Ermotti Says |url=https://www.bloomberg.com/news/articles/2026-01-20/ubs-also-considering-external-ceo-candidates-ermotti-says |work=Bloomberg |access-date=2026-02-24}}</ref>
Ermotti's career trajectory — from a banking apprenticeship in Lugano to the leadership of the world's largest wealth manager — has been noted as an example of the Swiss tradition of professional advancement through vocational training and practical experience, in contrast to the academic credentials typical of leaders at comparable institutions in the United States and United Kingdom.<ref name="efn" /><ref name="nzz2" />


== References ==
== References ==
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Sergio Ermotti
Ermotti in 2012
Sergio Ermotti
BornSergio Pietro Ermotti
11 5, 1960
BirthplaceLugano, Switzerland
NationalitySwiss
OccupationBanking executive
TitleGroup Chief Executive Officer
EmployerUBS Group AG
Known forRestructuring of UBS, orchestrating the Credit Suisse acquisition
Spouse(s)Tina Ermotti
Children2

Sergio Pietro Ermotti (born 11 May 1960) is a Swiss banking executive who serves as the Group Chief Executive Officer of UBS Group AG, the world's largest wealth manager. Born in Lugano in the Italian-speaking canton of Ticino, Ermotti has spent more than four decades in international finance, rising through roles at several major European financial institutions before taking the helm at UBS in 2011 in the wake of a damaging rogue trader scandal. He led a sweeping restructuring of the bank over nearly a decade, repositioning it around wealth management and a leaner investment banking division. After stepping down in 2020 and serving as chairman of Swiss Re, Ermotti returned to UBS in April 2023 to oversee the historic emergency acquisition of Credit Suisse, one of the largest and most complex banking mergers in European history. Fluent in Italian, German, French, and English, Ermotti is one of the most prominent figures in Swiss and global finance.[1][2] In early 2026, reports indicated that Ermotti plans to step down from the UBS CEO role in April 2027, following the completion of the Credit Suisse integration.[3]

Early Life

Sergio Pietro Ermotti was born on 11 May 1960 in Lugano, a city in the Italian-speaking Canton of Ticino in southern Switzerland.[4] Growing up in this multilingual region at the crossroads of Swiss, Italian, and broader European cultures, Ermotti developed fluency in Italian, German, French, and English — a linguistic versatility that would prove essential in his career leading multinational financial institutions.[5]

Ermotti did not follow the conventional path of many global banking CEOs, who frequently hold degrees from elite business schools or universities. Instead, he began his career in finance at a young age, entering the banking industry through an apprenticeship — a common route in the Swiss vocational education system. He completed a banking apprenticeship at Cornèr Bank in Lugano, which provided him with foundational training in financial services and capital markets.[1][6]

This early grounding in practical banking, rather than academic finance, shaped Ermotti's approach throughout his career. In interviews and profiles, his trajectory has been noted as distinctive among the leaders of major global banks, many of whom hold MBAs or advanced degrees. Ermotti's hands-on apprenticeship at a regional Swiss bank gave him direct experience in the operations of financial institutions from the ground up.[7]

Career

Early Career and Merrill Lynch

After completing his apprenticeship, Ermotti moved into the international capital markets sector. He joined Merrill Lynch, the American investment bank, where he built his career over more than two decades. At Merrill Lynch, Ermotti worked in various roles across the firm's equities and derivatives businesses, eventually rising to senior leadership positions within the organization's European operations.[1][8]

During his tenure at Merrill Lynch, Ermotti gained extensive experience in trading, risk management, and the strategic direction of investment banking operations. His long service at the firm allowed him to develop deep relationships across the global financial industry and provided him with a thorough understanding of the investment banking landscape, from equities trading to structured products.[1]

UniCredit

After leaving Merrill Lynch, Ermotti moved to UniCredit, one of Italy's and Europe's largest banking groups. At UniCredit, he served in senior executive positions, including as deputy CEO of the group. His role at UniCredit involved overseeing the bank's markets and investment banking division, and he was involved in strategic decision-making at the highest levels of the institution.[9][10]

Ermotti's departure from UniCredit was reported as a significant event in European banking circles. His time at the Italian bank further broadened his understanding of European regulatory frameworks, cross-border banking, and the complexities of managing a multinational financial conglomerate — experience that would prove directly relevant to his later leadership of UBS.[10]

First Tenure as UBS CEO (2011–2020)

Appointment and the Rogue Trader Scandal

In September 2011, UBS was struck by a major scandal when Kweku Adoboli, a trader in the bank's London investment banking division, was found to have caused losses of approximately $2.3 billion through unauthorized trading. The scandal led to the resignation of then-CEO Oswald Grübel. On 24 September 2011, UBS appointed Ermotti as interim Group CEO.[1][11]

On 15 November 2011, the UBS Board of Directors confirmed Ermotti as permanent Group CEO, making him the first person from Ticino and the first Italian-speaking Swiss national to lead the bank.[11][2] His appointment came at a period of significant turmoil for UBS, which was still recovering from heavy losses incurred during the 2007–2008 financial crisis and was now dealing with the reputational fallout of the rogue trading incident.

Strategic Restructuring

Ermotti initiated a far-reaching restructuring of UBS that fundamentally reshaped the bank's business model. The core of his strategy involved redefining UBS's priorities away from large-scale investment banking — which had been a major source of both revenue and risk — toward wealth management and the bank's Swiss domestic business. Asset management was also positioned as a central pillar, alongside a more focused and capital-light investment banking operation.[12][13]

This strategic shift was notable at the time, as it represented one of the first major moves by a global bank to voluntarily scale back its investment banking ambitions in favor of a more stable, fee-based business model. Ermotti implemented strict corporate governance policies and community standards aimed at rebuilding trust in the institution and preventing future trading scandals.[1]

Under Ermotti's leadership, UBS significantly reduced its risk-weighted assets in the investment bank, cut thousands of positions in the fixed-income trading division, and invested heavily in its global wealth management platform. The bank's strategic pivot was profiled in major financial publications, with Forbes describing the transformation as a reinvention of the bank's approach to Wall Street.[13]

Longest-Serving UBS CEO

Ermotti led UBS for nearly a decade, making him the longest-serving head of the bank. During this period, UBS consolidated its position as the world's largest wealth manager by assets under management. The bank navigated numerous challenges, including the European sovereign debt crisis, increased regulatory requirements following the global financial crisis, negative interest rates in Switzerland and the eurozone, and ongoing legacy litigation matters.[14]

In a 2017 interview with Bloomberg, Ermotti discussed his strategic vision for UBS and the banking industry more broadly, reflecting on the transformation he had overseen and the competitive position of the firm.[14]

Questions about succession planning at UBS arose periodically throughout Ermotti's tenure. In February 2020, UBS announced that Ralph Hamers, then the CEO of ING Group, would succeed Ermotti as Group CEO effective 1 November 2020.[15] Ermotti stepped down as planned, concluding his first tenure at the top of one of the world's largest banks.

Swiss Re Chairmanship (2021–2023)

Following his departure from UBS, Ermotti was appointed chairman of Swiss Re, one of the world's largest reinsurance companies, in April 2021. He succeeded Walter Kielholz in the role. As chairman, Ermotti oversaw the governance and strategic direction of Swiss Re during a period marked by elevated catastrophe losses, the ongoing effects of the COVID-19 pandemic on the insurance industry, and shifting macroeconomic conditions.[4]

Ermotti served as Swiss Re chairman until April 2023, when he was called upon to return to UBS.

Return to UBS and the Credit Suisse Acquisition (2023–Present)

Emergency Takeover of Credit Suisse

In March 2023, Credit Suisse, Switzerland's second-largest bank, faced a severe crisis of confidence following years of scandals, risk management failures, and significant financial losses. Amid rapidly deteriorating market conditions and a run on deposits, the Swiss government, the Swiss Financial Market Supervisory Authority (FINMA), and the Swiss National Bank brokered an emergency acquisition of Credit Suisse by UBS. The deal, announced on 19 March 2023, was one of the most significant events in modern European banking history.

On 5 April 2023, Ermotti was appointed Group CEO of UBS for the second time, replacing Ralph Hamers, who had led the bank since November 2020. The UBS Board of Directors selected Ermotti to lead the combined entity, citing his deep knowledge of UBS, his experience managing complex restructurings, and his established relationships with regulators and stakeholders in Switzerland and internationally.[16]

Integration of Credit Suisse

Upon his return, Ermotti took charge of integrating Credit Suisse into UBS — a task involving the combination of two of the world's most complex financial institutions across dozens of countries, thousands of legal entities, and hundreds of thousands of client relationships. The integration process included significant cost-reduction measures, technology platform consolidation, and workforce restructuring.

In February 2026, Ermotti stated that the majority of job reductions in UBS's Swiss operations would take place in the second half of 2026, as the integration process continued to advance.[17]

The bank reported strong financial results during the integration period. In February 2026, Ermotti described UBS's fourth-quarter 2025 earnings as "very strong," noting the firm's continued progress in integrating Credit Suisse operations and realizing cost synergies.[18]

In October 2025, Ermotti discussed UBS's earnings and the bank's exposure to credit market risks in a Bloomberg interview, including the fallout from the collapse of US auto parts supplier First Brands.[19]

Wealth Management Strategy

Under Ermotti's second tenure, UBS continued to emphasize its global wealth management franchise as the firm's primary business. In early 2026, speaking about UBS's approach to its wealth management workforce, Ermotti stated that the bank aimed to ensure "that there is a good balance between what shareholders make and what financial advisors make," indicating a focus on aligning compensation structures with firm-wide profitability goals.[20]

Planned Departure in 2027

In January 2026, the Financial Times reported that Ermotti was planning to step down as UBS CEO in April 2027, once the Credit Suisse integration was substantially complete.[3] Reuters confirmed the reporting, noting that Ermotti had overseen the Swiss bank's emergency takeover of Credit Suisse and was expected to remain until the integration reached its concluding stages.[16]

Following the announcement, Ermotti stated in a January 2026 interview with Bloomberg that UBS would consider both internal and external candidates to succeed him, signaling that the succession process would be broad-based.[21]

Private Banker International also reported on the planned transition, noting the significance of the departure timeline in the context of the Credit Suisse integration.[22]

Personal Life

Ermotti is married to Tina Ermotti. The couple have two children.[4] The family has been based in Switzerland.

Ermotti speaks four languages fluently: Italian (his mother tongue), German, French, and English. This multilingual ability has been noted as an asset in his leadership of UBS, which operates across the linguistic regions of Switzerland and in financial centers worldwide.[5]

There has been periodic speculation in Swiss media about whether Ermotti might enter politics following his banking career, particularly given his prominence and public profile in Switzerland. In response to questions about potentially running for a seat on the Swiss Federal Council (Bundesrat), Ermotti stated that he was "not a politician," ruling out a transition into national political office.[23]

Ermotti is also a board member of the Institute of International Finance, a global association of financial institutions.[4]

Recognition

Ermotti's leadership of UBS has been the subject of extensive coverage in the international financial press. His restructuring of UBS during his first tenure (2011–2020) was profiled in outlets including Forbes, the Financial Times, Bloomberg, and the New York Times.[13][12][14][11]

His role as the longest-serving CEO of UBS prior to his departure in 2020 was noted as a period of relative stability for the bank following the turbulence of the late 2000s and early 2010s. The decision by UBS to bring Ermotti back in 2023 to lead the Credit Suisse acquisition was itself regarded as a recognition of his institutional knowledge and leadership credentials.[16]

Financial News London profiled Ermotti in 2017 under the headline "An audience with Sergio Ermotti: Tutto bene," exploring his management style and the cultural dimensions of his leadership at a major Swiss-German institution as a Ticinese Italian-speaker.[5]

The Neue Zürcher Zeitung, Switzerland's newspaper of record, has published multiple profiles and analyses of Ermotti's career and his impact on the Swiss banking sector.[4][7]

Legacy

Ermotti's career at UBS spans two distinct chapters, each defined by crisis and transformation. During his first tenure, he took over a bank reeling from the 2011 rogue trader scandal and executed a strategic restructuring that moved UBS away from high-risk investment banking and toward wealth management. This shift predated a broader industry trend among European banks toward capital-light business models and was widely analyzed in the financial press as a significant strategic pivot.[13][12]

His return in 2023 to oversee the Credit Suisse acquisition placed him at the center of one of the most consequential events in Swiss financial history. The emergency merger of Switzerland's two largest banks created a combined institution of enormous scale and complexity, with significant implications for the Swiss economy, global financial regulation, and the competitive landscape of international banking.

The planned completion of the Credit Suisse integration and Ermotti's anticipated departure in 2027 would mark the end of a period in which he served as UBS Group CEO for a cumulative total of approximately fourteen years across two tenures — an unusually long period of leadership at the top of a major global bank.[3][16]

Ermotti's career trajectory — from a banking apprenticeship in Lugano to the leadership of the world's largest wealth manager — has been noted as an example of the Swiss tradition of professional advancement through vocational training and practical experience, in contrast to the academic credentials typical of leaders at comparable institutions in the United States and United Kingdom.[1][7]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 "Meet UBS interim chief executive Sergio Ermotti".eFinancialNews.2011-09-26.http://www.efinancialnews.com/story/2011-09-26/meet-ubs-interim-chief-executive-sergio-ermotti.Retrieved 2026-02-24.
  2. ↑ 2.0 2.1 "UBS names Ermotti as permanent CEO".Reuters.2011-11-03.https://www.reuters.com/article/ubs-ermotti-idUSL5E7LV1J620111103.Retrieved 2026-02-24.
  3. ↑ 3.0 3.1 3.2 "UBS boss Sergio Ermotti plans to step down in April 2027".Financial Times.2026-01-13.https://www.ft.com/content/0b6e4687-0804-448c-a7c4-155bc6005136.Retrieved 2026-02-24.
  4. ↑ 4.0 4.1 4.2 4.3 4.4 "Sergio Ermotti".Neue Zürcher Zeitung.https://www.nzz.ch/sergio_ermotti-1.13364354.Retrieved 2026-02-24.
  5. ↑ 5.0 5.1 5.2 "An audience with Sergio Ermotti: Tutto bene".Financial News London.2017-07-10.https://www.fnlondon.com/articles/an-audience-with-sergio-ermotti-tutto-bene-20170710.Retrieved 2026-02-24.
  6. ↑ "Sergio Ermotti".Munzinger Archiv.http://www.munzinger.de/document/00000028858.Retrieved 2026-02-24.
  7. ↑ 7.0 7.1 7.2 "Im dritten Anlauf auf den Chefposten".Neue Zürcher Zeitung.https://www.nzz.ch/im_dritten_anlauf_auf_den_chefposten-1.12641267.Retrieved 2026-02-24.
  8. ↑ "Sergio Ermotti, UBS, Merrill Lynch succession plan".Business Insider.2010-11.http://www.businessinsider.com/sergio-ermotti-ubs-merrill-lynch-succession-plan-2010-11.Retrieved 2026-02-24.
  9. ↑ "Sergio Ermotti, UBS, UniCredit, Andrea Orcel".finews.com.https://www.finews.com/news/english-news/23033-sergio-ermotti-ubs-unicredit-andrea-orcel.Retrieved 2026-02-24.
  10. ↑ 10.0 10.1 "Sergio Ermotti lascerà UniCredit".TicinoNews.http://www.ticinonews.ch/economia/82238/sergio-ermotti-lascera-unicredit.Retrieved 2026-02-24.
  11. ↑ 11.0 11.1 11.2 "UBS Names Sergio Ermotti as Chief Executive".The New York Times DealBook.2011-11-15.https://dealbook.nytimes.com/2011/11/15/ubs-names-sergio-ermotti-as-chief-executive/.Retrieved 2026-02-24.
  12. ↑ 12.0 12.1 12.2 "UBS restructuring".Financial Times.2014.https://www.ft.com/content/5296441e-c0a0-11e3-8578-00144feabdc0.Retrieved 2026-02-24.
  13. ↑ 13.0 13.1 13.2 13.3 TouryalaiHalahHalah"Tale Of Two Bankers: Bob McCann, Sergio Ermotti Are Reinventing Wall Street".Forbes.2014-01-06.https://www.forbes.com/sites/halahtouryalai/2014/01/06/tale-of-two-bankers-bob-mccann-sergio-ermotti-are-reinventing-wall-street/#68038e645fd6.Retrieved 2026-02-24.
  14. ↑ 14.0 14.1 14.2 "UBS Sergio Ermotti Interview".Bloomberg.2017.https://www.bloomberg.com/features/2017-ubs-sergio-ermotti-interview/.Retrieved 2026-02-24.
  15. ↑ "UBS, Sergio Ermotti, Axel Weber, succession planning".finews.asia.https://www.finews.asia/finance/25654-peoplemoves-ubs-sergio-ermotti-axel-weber-succession-planning.Retrieved 2026-02-24.
  16. ↑ 16.0 16.1 16.2 16.3 "UBS CEO Ermotti to step down in 2027 after wrapping up Credit Suisse project, sources say".Reuters.2026-01-13.https://www.reuters.com/sustainability/boards-policy-regulation/ubs-ceo-sergio-ermotti-plans-step-down-april-2027-ft-reports-2026-01-13/.Retrieved 2026-02-24.
  17. ↑ "UBS Swiss job cuts coming later in 2026, CEO says".Reuters.2026-02-04.https://www.reuters.com/business/finance/ubs-swiss-job-cuts-coming-later-2026-ceo-says-2026-02-04/.Retrieved 2026-02-24.
  18. ↑ "UBS CEO Sergio Ermotti welcomes 'very strong' fourth-quarter results".CNBC.2026-02-04.https://www.cnbc.com/video/2026/02/04/ubs-ceo-sergio-ermotti-welcomes-very-strong-fourth-quarter-results.html.Retrieved 2026-02-24.
  19. ↑ "Watch UBS Earnings: CEO Sergio Ermotti on Credit Market Risks, First Brands, Swiss Capital Requirements".Bloomberg.2025-10-29.https://www.bloomberg.com/news/videos/2025-10-29/in-full-ubs-ceo-ermotti-on-q3-earnings-credit-markets-video.Retrieved 2026-02-24.
  20. ↑ "UBS Willing to Sacrifice Firm's Popularity With Stagnant Advisors: CEO".AdvisorHub.2026-02.https://www.advisorhub.com/ubs-willing-to-sacrifice-firms-popularity-with-stagnant-advisors-ceo/.Retrieved 2026-02-24.
  21. ↑ "UBS Also Considering External CEO Candidates, Ermotti Says".Bloomberg.2026-01-20.https://www.bloomberg.com/news/articles/2026-01-20/ubs-also-considering-external-ceo-candidates-ermotti-says.Retrieved 2026-02-24.
  22. ↑ "UBS CEO Sergio Ermotti expected to step down in 2027 – report".Private Banker International.2026-01.https://www.privatebankerinternational.com/news/ubs-ceo-ermotti-step-down-2027/.Retrieved 2026-02-24.
  23. ↑ "Ermotti: Not for President".finews.asia.https://www.finews.asia/finance/25097-ermotti-not-for-president.Retrieved 2026-02-24.

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