Sergio Ermotti

Sergio Ermotti

File:Sergio Ermotti.jpg

Ermotti at UBS, 2023

Personal details
Born	Sergio Pietro Ermotti 1960/5/11 (age 65) SUI Lugano, Ticino, Switzerland
Nationality	SUI Swiss
Citizenship	SUI Switzerland
Residence	SUI Montagnola, Ticino, Switzerland
Languages	🇮🇹 Italian, 🇩🇪 German, 🇫🇷 French, 🇬🇧 English
Education	Swiss Federal Banking Certificate University of Oxford (Advanced Management Program)
Spouse	Married
Children	2 sons
Parents	Information private
Career details
Occupation	Business Executive, Banker
Years active	1977-present
Employer	UBS Group AG
Title	Group Chief Executive Officer
Term	November 2011 - November 2020 (first term) April 2023 - present (second term)
Predecessor	Oswald Grübel (first term) Ralph Hamers (second term)
Compensation	CHF 14.9 million / US$16.8 million (2024)
Net worth	Template:Increase US$50-100 million (estimate, December 2024)
Board member of	UBS Group AG Swiss Re (former Chairman) Ermenegildo Zegna N.V.
Awards	• Europe's highest-paid bank executive (2024) • Financial Times Banker of the Year nominee • Banking leadership awards
Website	ubs.com/global/en/our-firm/governance

Sergio Pietro Ermotti (born May 11, 1960) is a Swiss banker and financial services executive who serves as Group Chief Executive Officer of UBS Group AG, Europe's largest bank by assets. 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.

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.

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.

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.

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 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.

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.

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.

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.

See also

• UBS
• Credit Suisse
• Banking in Switzerland

External links

• Official UBS Biography
• Bloomberg Profile