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	Restructuring of UBS, 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. 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. 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.

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. 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.

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.

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.

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.

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.

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.

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.

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.

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. 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.

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.

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.

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.

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.

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. 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.

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.

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.

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.

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.

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.

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. 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.

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.

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

Personal Life

Ermotti is married to Tina Ermotti. The couple have two children. 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.

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.

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

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.

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.

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.

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.

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.

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.

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.