Sergio Ermotti

Sergio Ermotti
Ermotti in 2012
Sergio Ermotti
Born	Sergio Pietro Ermotti 11 5, 1960
Birthplace	Lugano, Switzerland
Nationality	Swiss
Occupation	Banking executive
Title	Group Chief Executive Officer
Employer	UBS Group AG
Known for	CEO of UBS Group, orchestrating the Credit Suisse acquisition
Spouse(s)	Tina Ermotti
Children	2

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. 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. 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. 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.

Early Life

Sergio Pietro Ermotti was born on 11 May 1960 in Lugano, a city in the Canton of Ticino, the Italian-speaking region of Switzerland. 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.

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. 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.

Career

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. 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.

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.

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. 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.

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. His exit positioned him for the opportunity that would define his career — the top job at UBS.

First Tenure as UBS CEO (2011–2020)

Appointment After 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. On 15 November 2011, UBS confirmed Ermotti as permanent Group CEO, formalizing his leadership of the bank.

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.

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.

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.

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. 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.

Longest-Serving UBS CEO

Ermotti's first tenure lasted nearly a decade, making him the longest-serving chief executive in UBS's modern history. 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.

In February 2020, UBS announced that Ralph Hamers, then CEO of ING Group, would succeed Ermotti as Group CEO, effective 1 November 2020. 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.

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. 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.

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

The Emergency Takeover

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.

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. 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.

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.

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. The job reductions were a politically sensitive issue in Switzerland, given the national importance of both UBS and Credit Suisse as employers.

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." 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."

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. Reuters confirmed the reporting, noting that Ermotti's planned departure was tied to wrapping up the Credit Suisse integration project. 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.

The Private Banker International also reported on Ermotti's expected departure, noting the timeline aligned with the conclusion of the major integration milestones.

Personal Life

Ermotti is married to Tina Ermotti, and the couple have two children. He speaks four languages fluently: Italian (his native language), German, French, and English, reflecting both his upbringing in multilingual Switzerland and his international career.

Speculation has periodically surfaced about Ermotti entering Swiss politics, particularly regarding a potential candidacy for the Federal Council (Bundesrat), the Swiss executive body. Ermotti has consistently dismissed such speculation, stating that he is "not a politician."

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

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.

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.

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.

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.

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.

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.