UBS is getting a new CEO, the world’s largest wealth manager. It has announced that Sergio Ermotti is stepping down as the CEO. Now, Ralph Hammers will replace him, the current chief executive of Dutch Bank ( ING ).
Axel Weber, the chairman at UBS, said in a statement that Hamers,
is the right CEO to lead our business into its next chapter.
Both of Switzerland’s top banks announce a change in leadership this month.
Credit Suisse (CS) CEO Tidjane Thiam resigned earlier this month after acknowledging that two spying scandals last year that disturbed the firm. He’s been replaced by company veteran Thomas Gottstein.
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Ermotti became the chief executive of UBS in 2011. This was in the aftermath of a rogue trader scandal that cost it $2 billion.
He oversaw efforts to beef up the bank’s wealth management business amid continued weakness at its investment banking division. Asia has been a particular focus.
UBS became the first foreign bank to be allowed to take control of its business in China in 2018. It received approval from regulators to increase its stake in a joint venture there to 51%.
And just last year, UBS launched an alliance with Japan’s Sumitomo Mitsui Trust to create a one-stop-shop for asset management products and services.