Swiss banking giant UBS Group has initiated the search for a new chief executive, with current boss Sergio Ermotti scheduled to depart next year.
Ermotti's Second Act Nears Its Conclusion
Sergio Ermotti, who has led the near-£112bn bank since his surprise reappointment in 2023, is expected to leave his post in April 2027. His return for a second stint at the helm was orchestrated by the UBS board specifically to oversee the monumental, government-brokered takeover of rival Credit Suisse. Ermotti had committed to staying "at the very least" until the integration process was finalised, which is projected for late 2026 or early 2027.
The Candidates in the Frame for the Top Job
According to reports, UBS is looking internally for a successor. The frontrunner is understood to be Aleksander Ivanovic, the firm's asset management chief. He is not alone in the race, however.
Other senior figures reportedly under consideration include:
- Iqbal Khan and Robert Karofsky, the co-heads of global wealth management.
- Bea Martin, the group's chief operating officer.
The Legacy of a Historic Banking Merger
Ermotti's second act was defined by the unprecedented merger of two "global systemically important banks," a move that rescued Credit Suisse from collapse after years of scandal, severe client outflows, and a crashing share price. Swiss authorities intervened after a $54bn central bank lifeline failed to stabilise the situation.
The veteran financier was chosen for his proven experience in large-scale restructuring, notably steering the integration of HypoVereinsbank after its acquisition by UniCredit. The most critical remaining task involves migrating over 1.3 million legacy Credit Suisse clients and their data onto UBS platforms. By early 2026, the bank had moved the vast majority of international wealth accounts and was in the final stages of transferring domestic Swiss retail customers.
UBS has stated it expects to "substantially" complete the integration by the end of 2026, paving the way for a leadership transition the following spring.
