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The longtime CEO will be leaving UBS in six weeks. Now one thing is for sure: Sergio Ermotti does not have a continuous formal job at the largest Swiss bank, as finews.ch has experienced.
Sergio Ermotti will walk through the door of its headquarters at Bahnhoftstrasse 45 in Zurich on Friday 30 October for the last time. His designated successor takes office the following Monday Ralph hamers As the new CEO, the reins of the largest private bank in the world.
It is already clear: there will be no official continuous employment for Ticino who joined the institute in 2010 – he is gone. An advisory role would have been conceivable; but now UBS lets the contract with Ermotti expire at the end of October, as spokesperson opposite finews.ch confirmed. Hamer’s successor’s nine-week “onboarding” phase at the institute ends on November 1.
Secret deal
As much as finews.ch reported that Ermotti was with the president of UBS Axel weber Last February an agreement was reached between men of honor, a “gentlemen’s agreement”, on what his future would be like in the great bank. However, the content of the agreement remained secret. It was said of the CEO that he would have liked to be a member of the board or even president of UBS.
However, just two weeks after Hamers’ nomination, Swiss Re announced that it would elect Ermotti as president. UBS manager should be there next April Walter Kielholz follow whether the shareholders of the largest Swiss reinsurer agree to the replacement. Meanwhile, Ermotti is already on the Swiss Re Board of Directors.
European Banker with Best Profits
It is unclear whether the reinsurer’s mandate would have been marred by another job at UBS. The big bank and Swiss Re are not direct competitors; UBS even cooperates with Swiss Re’s subsidiary Iptiq in the bancassurance sector. However, there is growing criticism of multiple board members among professional investors, the so-called overwork is increasingly frowned upon.
Ermotti, who resigned, was last year, with a total salary of 12.5 million Swiss francs, the best-earning banker in Europe; According to UBS’s annual report, he has made more than 50 million francs at the bank since it started.
Will there still be bank branches in five years?
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Yes of course.
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Yes, but half as much today.
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Yes, but very occasionally.
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Yes, but completely digital, without staff.
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No, in five years there will be no more branches.
