Sergio Ermotti: last appearance of the head of UBS

Sergio Ermotti (60) has led UBS for nine years. The Ticino was initially just a snap, but then held on top with an instinct for power. He inherited a company that had to be rescued by the federal government during the financial crisis. Legal costs accumulate on the books. In London, Kweku Adoboli (40) bet billions, the end of Ermotti’s predecessor, Oswald Grübel (76).

Ermotti was a fire extinguisher. Knight in shining armor. And the top earners: He earned more than 100 million francs in salaries during his last year. He bought a yellow Maserati, tailored suits, a modern villa in the posh Lugano suburb of Montagnola.

Today he has his last big appearance. Present the figures for the third quarter. A jump in earnings – the best third-quarter profit before tax in ten years! The end result was that UBS earned $ 2.1 billion in the July-September period, which is double the previous year.

The head of the big bank has clearly exceeded the estimates of analysts. “I am proud of the contributions our employees make every day, especially in today’s tough environment,” said Ermotti. “UBS has every option to add another chapter to its success story under the new leadership of Ralph Hamers.”

Dutchman Ralph Hamers (54) will take over from November. Ermotti retires, spends more time with his wife, wants to go back to skiing more often. No calls, no emails. I need this closure. Brutal and consistent, “he told the” Schweizer Illustrierte. ” He is due to become president of Swiss Re next spring.

The balance after nine years, measured on the stock market, is modest. A UBS share still costs a little over ten coins. But it is a credit to Ermotti to have clarified the inherited problems. It is the renovator who leaves an orderly house. The main legal cases are closed, with the exception of France.

Ermotti always stayed the course. The net profit under his reign amounted to almost 30 billion francs. That’s 10 million francs in profit every day that Ermotti was a director of UBS.

That contrasts with its roots. Ermotti started as an apprentice at Cornèr Bank in Lugano. The first salary: 350 francs. The father was an important figure at the time. A bank employee too, but far from a managerial position. Ermotti senior was responsible for the post office.

Ermotti junior had difficulties with school. “He was very restless, hyperactive,” says Ermotti. “My goal has always been to somehow get a 4.” Until he was 15 he only had sport in mind. He was a “troublemaker”, “over-motivated”. Captain of the local soccer team. Bench apprentice because he couldn’t become a professional footballer. Actually, he was on his way to becoming a physical education teacher, but the appeal of the financial world was too great. At 25 he went to Zurich, and finally to London, New York and Milan. He made a career as an investment banker, had dinner with Nelson Mandela (1918-2013); no one impressed him anymore.

Now he counts among his friends numerous greats of national and international politics and business. The relationship with the late Fiat boss Sergio Marchionne (1952-2018) is legendary. He does not shy away from the political scene. Ermotti resists excessive regulations. A strong wind blows against you again and again, often criticized as a scam.

Ermotti, the man of power, remains calm. He retires to the sunniest part of Switzerland and continues to be a patron of local football. To this day he is president of the third division club FC Collina d’Oro. The club’s record in the current season: eight games, eight wins, 23 goals and a single goal against. Peak value. Ascent possible. The motto, like Ermotti: defensive football prohibited.