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{{Infobox executive
| name = Sergio Ermotti
| image = Sergio_Ermotti.jpg
| image_size = 300px
| caption = Ermotti at UBS, 2023
| birth_name = Sergio Pietro Ermotti
| birth_date = {{birth date and age|1960|5|11}}
| birth_place = {{flagicon|SUI}} [[Lugano]], [[Ticino]], [[Switzerland]]
| nationality = {{flagicon|SUI}} Swiss
| citizenship = {{flagicon|SUI}} Switzerland
| languages = {{flagicon|ITA}} Italian, {{flagicon|GER}} German, {{flagicon|FRA}} French, {{flagicon|UK}} English
| residence = {{flagicon|SUI}} [[Montagnola]], [[Ticino]], Switzerland
| education = Swiss Federal Banking Certificate<br>[[University of Oxford]] (Advanced Management Program)
| alma_mater = University of Oxford (Said Business School)
| occupation = Business Executive, Banker
| years_active = 1977–present
| employer = [[UBS|UBS Group AG]]
| organization = UBS Group AG
| title = Group Chief Executive Officer
| term = November 2011 – November 2020 (first term)<br>April 2023 – present (second term)
| predecessor = [[Oswald Grübel]] (first term)<br>[[Ralph Hamers]] (second term)
| successor = Ralph Hamers (first term)
| board_member_of = UBS Group AG<br>[[Swiss Re]] (former Chairman)<br>[[Ermenegildo Zegna]] N.V.
| spouse = Married
| children = 2 sons
| parents = Information private
| net_worth = {{increase}} US$50–100 million (estimate, December 2024)<ref name="networth">[https://skeuomorphism.it/celebrity/sergio-ermotti-net-worth-2024.html Sergio Ermotti Net Worth], 2024</ref>
| salary = CHF 14.9 million / US$16.8 million (2024)<ref name="compensation">[https://www.ubs.com/global/en/our-firm/governance UBS Annual Report 2024], UBS</ref>
| awards = • Europe's highest-paid bank executive (2024)<br>• Financial Times Banker of the Year nominee<br>• Banking leadership awards
| website = {{URL|ubs.com/global/en/our-firm/governance}}
| signature = 
| company_logo = UBS
}}

'''Sergio Pietro Ermotti''' (born May 11, 1960) is a Swiss banker and financial services executive who serves as Group Chief Executive Officer of [[UBS|UBS Group AG]], Europe's largest bank by assets.<ref name="ubs-bio">[https://www.ubs.com/global/en/our-firm/governance/ubs-group-ag/group-executive-board.html UBS Group Executive Board], UBS, 2024</ref> He has led UBS during two separate tenures: first from November 2011 to November 2020, making him the longest-serving CEO in UBS's history, and again since April 2023 when he was recalled to lead the integration of [[Credit Suisse]] following UBS's emergency acquisition of its rival.<ref name="return">[https://www.reuters.com/business/finance/sergio-ermotti-return-ubs-ceo-2023-03-29/ Sergio Ermotti to Return as UBS CEO], Reuters, March 29, 2023</ref>

Born in [[Lugano]], in the Italian-speaking canton of Ticino, Ermotti left school at 15 to begin a banking apprenticeship. He rose through positions at Citibank, Merrill Lynch, and UniCredit before joining UBS in 2011. In 2024, he received compensation of CHF 14.9 million (approximately $16.8 million), making him Europe's highest-paid bank executive—compensation justified by UBS's board for his leadership in integrating Credit Suisse.<ref name="compensation"/>

== Early life and education ==

=== Background ===

Sergio Ermotti was born on May 11, 1960, in [[Lugano]], a city in the Italian-speaking [[Ticino]] canton of southern Switzerland.<ref name="biography">[https://www.europeanceo.com/profiles/sergio-ermotti-ubs/ Sergio Ermotti - European CEO], European CEO, 2024</ref>

As a young man, Ermotti aspired to become a professional footballer or sports teacher. However, he chose to follow his father's path into banking.

=== Education ===

Ermotti left formal schooling at age 15 to begin a banking apprenticeship at Cornèr Bank in Lugano, a local private bank.<ref name="imd">[https://www.imd.org/ibyimd/podcasts/leaders-unplugged/from-the-global-to-the-personal-with-ubs-ceo-sergio-ermotti/ From the Global to the Personal with UBS CEO Sergio Ermotti], IMD, 2024</ref>

'''Professional qualifications:'''
* Swiss Federal Banking Certificate (Certified Expert)
* [[University of Oxford]] – Advanced Management Program (Said Business School)

His unconventional path—learning banking through practical experience rather than university—gave Ermotti a distinctive perspective in an industry often dominated by elite university graduates.

== Career ==

=== Cornèr Bank (1977–1985) ===

Ermotti began his career as a banking apprentice at Cornèr Bank in Lugano at age 15, learning the fundamentals of Swiss private banking.

=== Citibank (1985–1987) ===

In 1985, Ermotti moved to [[Citibank]], where he traded equity-linked products and eventually served as Resident Vice President. This role introduced him to international capital markets.

=== Merrill Lynch (1987–2005) ===

Ermotti spent 18 years at [[Merrill Lynch]], holding various positions in equity derivatives and capital markets:
* Various trading and management roles (1987–2001)
* Co-Head of Global Equity Markets (2001–2003)
* Member of the Executive Management Committee for Global Markets & Investment Banking

=== UniCredit (2005–2011) ===

Before UBS, Ermotti was at [[UniCredit|UniCredit Group]], Italy's largest bank:
* Head of Markets & Investment Banking Division
* Group Deputy CEO and Head of Corporate & Investment Banking and Private Banking (2007–2010)

=== UBS – First term (2011–2020) ===

'''Joining UBS (April 2011):'''
Ermotti joined UBS in April 2011 as Chairman and CEO of UBS's Europe, Middle East and Africa (EMEA) group, becoming a member of the Group Executive Board.

'''Interim CEO (September 2011):'''
He was appointed interim Group CEO in September 2011, following the departure of [[Oswald Grübel]] amid the [[2011 UBS rogue trader scandal]], in which trader Kweku Adoboli lost $2.3 billion through unauthorized trades.

'''Permanent CEO (November 2011):'''
In November 2011, UBS confirmed Ermotti as permanent Group CEO.<ref name="bloomberg">[https://www.bloomberg.com/profile/person/1812014 Sergio Ermotti Profile], Bloomberg, 2024</ref>

'''Transformation of UBS:'''
Under Ermotti's first tenure, UBS underwent a major strategic transformation:
* Reduced investment banking operations and risk exposure
* Refocused on wealth management as the core business
* Strengthened the Swiss domestic banking franchise
* Improved capital ratios and regulatory compliance
* Built a more resilient business model

His decade of leadership made him the longest-serving CEO in UBS's modern history.

'''Departure (November 2020):'''
In February 2020, UBS announced that [[Ralph Hamers]], CEO of ING Group, would succeed Ermotti on November 1, 2020.

=== Swiss Re (2021–2023) ===

From April 2021 to April 2023, Ermotti served as Chairman of [[Swiss Re]], one of the world's largest reinsurance companies, succeeding Walter Kielholz.

=== UBS – Second term (2023–present) ===

'''Return to lead Credit Suisse integration:'''
Following UBS's emergency acquisition of [[Credit Suisse]] in March 2023—arranged by Swiss regulators to prevent Credit Suisse's collapse—UBS's board asked Ermotti to return as CEO to lead the integration. He replaced Ralph Hamers on April 5, 2023.<ref name="return"/>

'''Integration challenges:'''
The Credit Suisse integration represents one of the largest banking mergers in history, involving:
* Combining two of Switzerland's largest banks
* Managing significant workforce reductions
* Integrating competing technology platforms
* Addressing Credit Suisse's risk management failures
* Maintaining client relationships during transition

== Personal life ==

=== Family ===

Ermotti is married with two sons.<ref name="personal">[https://www.theofficialboard.com/biography/sergio-ermotti-291d3 Sergio Ermotti Bio], The Official Board, 2024</ref>

=== Residences and investments ===

* Primary residence: Villa in [[Montagnola]], near Lugano
* Holiday home: [[Engadin]] region, Swiss Alps
* Business investment: Stake in Tessal leisure group, which owns four luxury hotels in Lugano undergoing renovation

=== Languages ===

Ermotti is fluent in Italian (native), German, French, and English—reflecting Switzerland's multilingual culture and enabling him to communicate effectively across UBS's global operations.

== Board memberships ==

* UBS Group AG – Group Executive Board
* [[Ermenegildo Zegna]] N.V. – Board (Lead Non-Executive Director)
* Innosuisse (Swiss Innovation Agency) – Board Member
* [[Swiss Re]] – Former Chairman (2021–2023)

== Compensation controversy ==

Ermotti's 2024 compensation of CHF 14.9 million has sparked debate in Switzerland, with lawmakers considering caps on executive pay (potentially 5 million francs). Despite controversy, 86.7% of UBS shareholders approved the compensation package, which the bank justified by citing Ermotti's leadership in the Credit Suisse integration.<ref name="compensation"/>

== See also ==

* [[UBS]]
* [[Credit Suisse]]
* [[Banking in Switzerland]]

== References ==

{{reflist}}

== External links ==

* [https://www.ubs.com/global/en/our-firm/governance Official UBS Biography]
* [https://www.bloomberg.com/profile/person/1812014 Bloomberg Profile]

[[Category:1960 births]]
[[Category:Living people]]
[[Category:Swiss bankers]]
[[Category:Chief executive officers]]
[[Category:UBS people]]
[[Category:People from Lugano]]
[[Category:University of Oxford alumni]]