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UBS is clear number 1. It has been under the leadership of Sergio Ermotti for the last 9 years. Ticino went from being a business apprentice to becoming a great bank manager.
Ermotti was able to stay on top. 9 years, that’s an eternity at these high heights. How well did the job do?
Very good for himself personally. In fiscal years 2011 through 2019, Ermotti earned a total of $ 106 million in salaries and bonuses.
With that, Ermotti also appears on the richest 300 balance sheet. Today’s super millionaires are not businessmen, but boss employees.
From the perspective of the owners, the real entrepreneurs, the balance sheet looks backwards. For them, the Ermotti era was a lost decade.
During all the time that Ermotti kept the reins of operations in his hands, the actions of the financial multinational did nothing.
Since September 26, 2011, when Ermotti was appointed acting CEO of UBS and successor to Oswald Grübel, UBS’s title has risen 1.5 percent to last Friday night.
Right. The SMI, as an index of the largest Swiss companies, soared 80 percent at the same time.
Ermotti can say: better than the other big players in banking. That is true regarding the CS. His title lost 58 percent in the same period, it was cut in half.
The evaluation is not correct if the JP Morgen is taken for comparison. The proportion has more than doubled from fall 2011 to today.
Ermotti goes down in the annals as the world champion of self-optimization. More than 100 million, including the current year, could last up to 120 million, for zero more in the action, that’s a lot.
How is the performance in business? UBS has expanded its position as the leading bank in Switzerland under his leadership. The CS is further behind than before the Ermotti era.
But this stability in the core has always characterized UBS. Not even the near death of 2008 could finally steer the bank off course.
Internally, UBS benefits from the fact that it has long been a military bank. When your leaders launch a project, they can still rely on an army of implementers who are serious and disciplined and come together in the same direction.
UBS has successfully implemented digital reorganization, its e-banking jobs and disruptions are limited compared to the industry.
It is an attractive address for the rich. These bring your money to the big bank, the assets under management increase.
But UBS is not doing well enough with this. Performance is no better than when a customer buys indexed products. They cost a fraction.
If that were different, UBS would be the leader and its shares high. Ermotti saved the bank from major crises and thrillers, but was also paralyzed under his leadership.
In the case of black money from Paris, Ermotti took a particularly high risk. This means that the bank faces not only a gigantic fine, but also a criminal conviction.
Strange deals are remembered. All UBS purchases ended with Claudio Cisullo, an acquaintance of Ermotti. Price: free.
Another friend, an aspiring real estate entrepreneur from Ticino, received the contract for an expensive building from UBS. You don’t know what he had to pay for it.
What is certain is that UBS had previously viewed the property as strategic to its business. Now this is in the wallet of a friend of Ermotti, just like global purchases.
