UBS plans to keep Ermotti on as CEO for longer, NZZ reports
VIENNA, Feb 28 (Reuters) - The board of directors of Swiss banking giant UBS UBSG.S plans to keep Chief Executive Sergio Ermotti on for longer than originally planned, Swiss newspaper Neue Zuercher Zeitung reported on Saturday.
Ermotti, who oversaw the Swiss bank's 2023 emergency takeover of Credit Suisse, is set to step down by the middle of 2027, although that timeline is not finalised, two sources with knowledge of the matter told Reuters last month.
However, the board led by Chairman Colm Kelleher, wants to keep Ermotti beyond that date to guide UBS's pushback against the Swiss government’s plans for tighter regulation, the NZZ reported, citing people familiar with the matter.
"As we have repeatedly said, Sergio P. Ermotti will remain Group CEO until at least early 2027," a UBS spokesperson said when asked by Reuters about the NZZ report, adding that it was "premature to speculate about the timing of Sergio stepping down".
"When the time comes to decide on a successor, the Board will be able to draw on a strong bench of internal candidates, but will of course fulfill its fiduciary duty by also evaluating external candidates," the spokesperson added.
MEASURES TO PREVENT FINANCIAL CRISES
In June, the Swiss government proposed measures aimed at preventing future banking crises following the 2023 collapse of Credit Suisse. The plans could require UBS to hold up to $24 billion in additional capital.
Other proposals include that UBS can no longer count software and deferred tax assets towards its Common Equity Tier 1 capital, whiles its foreign units must be fully backed with CET1 capital.
UBS has rejected the proposals, arguing they would make Switzerland less competitive.
NZZ said the bank was looking at different potential outcomes of that discussion, and that it might determine whether the bank remains based in Switzerland or moves its headquarters abroad.
"We will do everything we can to ensure that UBS can continue to operate successfully as a global bank from Switzerland. Nevertheless, the Board of Directors is obliged to prepare for all scenarios," the spokesperson said.
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