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Ermotti points out that UBS is missing an internal successor – within Paradeplatz

Ermotti points out that UBS is missing an internal successor – within Paradeplatz

Will UBS bring in an outsider in two years when Sergio Ermotti resigns?

The scenario becomes more likely after an interview with the current CEO of the last major Swiss bank.

as Financial Times TodayErmotti told the head of Norway's sovereign wealth fund, UBS's second-largest shareholder:

“As you move up (in the organization), you have a lot of very talented people, a lot of specialized people.”

“So, it's not easy to find people who can then get a broader and more complete understanding of the business,” Ticino then said.

Ermotti's statements suggest that UBS is unhappy with internal candidates.

Not wide enough (A. Ivanovich; UPS)

These include, in particular, the head of private banking Iqbal Khan, the Swiss CEO Sabine Keller Bussi and the new head of asset management Alexander Ivanovic.

The head of investment banking is often mentioned.

All four department heads are specialists. After his finance stint at EY and after changing the interface at CS, Khan did nothing but wealth management for 9 years.

Ivanovic has worked exclusively in the Asset Management division since the beginning of 2017, when he joined UBS. Robert Karofsky, as the investment bank's CEO is called, has become big in stock trading.

That leaves Keller-Boss, who worked her way from a McKinsey consultant through back-office and HR work to the leading woman in the lucrative Swiss retail business.

not small enough (UPS)

As a member of the Zurich Group's Board of Directors, she also has insight into another multinational financial company. But she was born in 1965, will be 59 this year, and in two years, when Ermotti takes over, it will not represent a generational leap.

In addition, UBS's “Iron Lady” lacks front-line experience in its core business, private banking.

what should be done? Look outside UBS. Andrea Ursel, who led investment bank UBS during Ermotti's first time as CEO, was named.

After a long journey in Iberia in northern Italy, Urcel found his place as the top operations leader of the Unicredit Group. Ermotti has also managed to rise to a level below CEO.

But Orcel is already 60 years old. And actually it's not an option either. who else?

Age: good; Gender: Excellent; Home: Problem (UPS)

From the Swiss point of view, there is nothing good in sight. President Colm Kelleher is primarily concerned with growth abroad. If he chooses an American as the new CEO of UBS, no one will be surprised.

Noreen Hassan, UBS's new CEO of the Americas, will already be at the top of the payroll. Woman, early 50s, from Charles Schwab to Morgan Stanley and from the Federal Reserve 2022 to the Swiss:

It can fit.

But UBS is already very much Anglo-Saxon-dominated when you consider which Swiss national would have to step in in an emergency.

An Anglo-Saxon couple on the bridge of the Swiss tanker: The next coup will be in the way of “hijacking” the last Swiss financial tanker.