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Sergio Ermotti’s farewell media tour brought readers a great interview today in the country’s leading newspaper.
At NZZ, Ermotti once again emphasizes how stable UBS has done. Above all, it highlights that the almost 70,000 employees are happy with their work at the bank.
In a “recent internal survey, 86 percent of employees said they were proud to work for UBS,” said the CEO, who is leaving after 9 years.
“That is probably my biggest success.”
Ermotti, banker of hearts? In fact, you’ve always heard that the boss was well received by his people. He enjoyed mixing with them, he loved being photographed with equipment.
In the square of Lugano, Ermotti’s hometown; at the UBS counter on Zurich’s Bahnhofstrasse, which cleaned for 200 million; for internal events, on the big stage.
One of us.
Ermotti loved to bathe in the crowd, like a politician. And as in the political business, the head of UBS started tweeting. Message to people: I have something to tell you.
That’s probably why he wanted to surprise the 25,000 employees at the bottom of the food chain with a free weekly salary when he left.
The employee survey was one of Ermotti’s top priorities. Employees were repeatedly summoned internally to participate.
Now Ermotti has “achieved” a result that he can use for his final public bouquet. I gave UBS back its pride, that’s the message.
All in butter? For employees, the bank?
Soon there should be cuts under the newcomer, Ralph Hamers. Many expect thousands of lost jobs.
Ermotti shied away from the painful measures. After talking about cutting 55,000 employees a few years ago, he changed his plan; now there are almost 70,000.
The reason is that the bank has returned some of its outsourced IT processes and services to the bank.
Under Ermotti, three back office centers were created in Switzerland: in Schaffhausen, Biel and Lugano.
This is one of the reasons why costs never really fell under Ermotti. That explains why the action does not advance.
For many employees, Ermotti was a blessing. They thanked him with their satisfaction. The question now is whether this was a temporary blessing.
