Sergio Ermotti

Sergio Ermotti
Born Sergio Pietro Ermotti
(1960-05-11) 11 May 1960
Lugano, Switzerland
Nationality Swiss
Occupation Banker
Salary US$13.9 million (2016)[1]
Term November 2011-[2]
Predecessor Oswald Grübel
Spouse(s) Tina Ermotti
Children 2

Sergio Pietro Ermotti (born 11 May 1960) is a Swiss banker. He has been the chief executive officer (CEO) of UBS Group AG since November 2011, having held the position on an interim basis since September 2011.[3] He previously served as the deputy chief executive officer for Italian bank UniCredit, from 2007 to 2010.

Leading UBS, Ermotti denounced the 2011 rogue trader scandal, implementing strict corporate policies governing community standards and initiated a major restructuring of the bank around private banking and limited its sell side operations.[4] Expected to serve as chief executive until 2022, he is one of the longest serving heads of UBS.[5]

Although Ermotti has not finalized succession plans, it is speculated that he might transition into Swiss politics or assume the chairmanship of UBS, succeeding Axel Weber.[6] He ruled out entering select political races for the Bundesrat stating that he was "not a politician".[7] In addition to English, Ermotti speaks three of Switzerland's official languages: Italian, German, and French, fluently.

Early life and education

Sergio Pietro Ermotti was born on 11 May 1960 in Lugano, Switzerland, an Italian-speaking city. He left school at age 15 to pursue aspirations of being a footballer and skier. Before turning 18 and enrolling in college to fulfill theses aspirations, Ermotti decided to fill his time with an apprenticeship at the Cornèr Bank in Lugano to "get up to speed with accounting, finance, and so on".[4] At his apprenticeship, he learned to sell and trade stocks. Although Ermotti did not attend university,[8] he received a Swiss federal banking expert diploma and subsequently attended the Advanced Management Program at Oxford University.[9]

Banking career

After his apprenticeship as a stockbroker at the Cornèr Bank, Ermotti was later promoted to trading.[4] In 1985, Ermotti moved to Citibank in Zurich where he traded equity-linked products and later served as its Resident Vice President.[10] In 1987, he went on to the Swiss office of the US-Investment bank Merrill Lynch in Zurich,[11] and stayed with the bank for 16 years. He started with holding various positions in equity derivatives and capital markets, and contributed to the expansion of the capital market business of the bank in french-speaking parts of Switzerland.[10] In 1993, he was promoted to the position of Managing Director and moved to London being in charge for the European equity derivatives unit.[10] Three years later, in 1996, Ermotti relocated to New York, as a head of global derivatives trading.[12] He was eventually promoted to co-Head of Global Equity Markets and as a member of the Executive Management Committee for Global Markets & Investment Banking at Merrill Lynch, which he served between 2001 and 2003.[13][14]

He joined the Italian bank UniCredit headquartered in Milan, in December 2005 as Head of Markets & Investment Banking.[15] At that point in time, UniCredit took over German bank, HypoVereinsbank (HVB).[16] From 2007, he was UniCredit’s deputy chief executive officer with responsibility for the strategic business area, Corporate and Investment Banking and Private Banking,[17] before leaving the bank in 2010.[18][19] Ermotti was appointed chairman and chief executive of UBS's Europe, Middle East, and Africa group, a group which is actively giving money to the Dakota Access Pipeline,[20] and became a member of the Group Executive Board in April 2011. He was appointed interim Group CEO of UBS beginning in 24 September 2011 before being given this post permanently on 15 November 2011.[21] In response to the 2011 UBS rogue trader scandal, Ermotti sent an internal memo stating: "I want to make clear that no one’s personal interest nor any amount of revenue is worth more than the bank’s reputation".[21]

Because of his new responsibility as CEO, he resigned from his position as a president of Darwin Airline in 2011.[22] Sergio Ermotti was a member of the Board at the London Stock Exchange between September 2008 and July 2013. In November 2014, he became the chief executive officer for UBS Group AG. In 2015, the Swiss newspaper Schweiz am Sonntag named him as the most successful manager of a company listed on the Swiss Market Index.[23] His salary in fiscal year 2016 was estimated to be US$13.9 million.[24]

Personal life

As of April 2014, Ermotti was married with two children.[25] He favorite movies are George Roy Hill's The Sting and Ken Kesey's One Flew Over the Cuckoo's Nest.[26] Apple pie is his favorite food.[26] Ermotti speaks fluent Swiss Italian,[27] Swiss German,[28] Swiss French,[29] and English.[30] He supports Italian football club, A.C. Milan.[8]

Philanthropy

Ermotti was challenged by Marc Walder, CEO of Swiss media company Ringier and Gianluigi Bianchi, managing partner for Europe of Wealth-X to undertake the ALS Ice Bucket Challenge.[31]

See also

References

  1. ↑ Laura Noonan; David Blood (23 July 2017). "Here's what the CEOs of the world's biggest banks earn". The Financial Times. Retrieved 5 August 2017.
  2. ↑ "UBS. CV Sergio P.Ermotti". UBS. ubs.com. Retrieved 28 July 2016.
  3. ↑ "UBS appoints Sergio Ermotti as chief executive". Telegraph. Retrieved 29 May 2012.
  4. 1 2 3 Martinuzzi, Elisa (October 3, 2017). "How UBS Became Home to Half the World's Billionaires". Bloomberg.com. Retrieved April 6, 2018.
  5. ↑ "UBS: Sergio Ermotti as Chairman?". finews.asia. October 3, 2017. Retrieved April 20, 2018.
  6. ↑ "Sergio Ermotti for President?". finews.asia. July 21, 2017. Retrieved April 10, 2018.
  7. ↑ Atkins, Ralph (July 19, 2017). "UBS CEO rules out filling vacancy in Swiss cabinet". Financial Times. Retrieved April 10, 2018.
  8. 1 2 Guererra, Francesco. "An audience with Sergio Ermotti: Tutto bene?". Financial Times London. Retrieved May 18, 2018.
  9. ↑ "Sergio Ermotti". NZZ.ch (in German). Retrieved 9 February 2018.
  10. 1 2 3 "Sergio Ermotti.Schweizer Bankmanager; UBS". Munzinger Online/Personen - Internationales Biographisches Archiv (in German). Retrieved 9 February 2018.
  11. ↑ "UBS Names Sergio Ermotti as Chief Executive". NY Times. Retrieved 9 February 2018.
  12. ↑ "Tale Of Two Bankers: Bob McCann, Sergio Ermotti Are Reinventing Wall Street". Forbes. Retrieved 9 February 2018.
  13. ↑ "Meet the man to replace Grübel". Financial News. Retrieved 29 May 2012.
  14. ↑ "UBS Appoints an American As Its Chief Financial Officer". NY Times. Retrieved 9 February 2018.
  15. ↑ "Im dritten Anlauf auf den Chefposten" (in German). NZZ. Retrieved 9 February 2018.
  16. ↑ "UBS sagt Ermotti und Weber zu" (in German). Manager Magazin. Retrieved 12 February 2018.
  17. ↑ "UniCredit's investment bank chief Sergio Ermotti". Reuters. Retrieved 29 May 2012.
  18. ↑ "Sergio Ermotti lascerà Unicredit" (in Italian). ticinonews.ch. Retrieved 12 February 2018.
  19. ↑ "UBS Boss Sergio Ermotti Headed for Unicredit?". finews.ch. Retrieved 12 February 2018.
  20. ↑ Fuller, Emily (30 November 2016). "How to Contact the Banks that are FUNDING DAPL". Yes Magazine. Retrieved 18 December 2016.
  21. 1 2 Werdigier, Julia (November 11, 2011). "UBS Names Sergio Ermotti as Chief Executive". DealBook. Retrieved April 8, 2018.
  22. ↑ "Ermotti to play swiss card in UBS CEO contest". finenews.ch. Retrieved 17 April 2016.
  23. ↑ "Schweiz am Sonntag manager". Schweiz am Sonntag. Retrieved 26 April 2016.
  24. ↑ Blood, David; Noonan, Laura (July 23, 2017). "Bank chief executives' pay 2016". Financial Times. Retrieved August 5, 2017.
  25. ↑ "Subscribe to read". Financial Times. Retrieved 9 February 2018.
  26. 1 2 Wachtel, Katya (December 6, 2018). "Is UBS Grooming This "Impeccably Dressed" Man To Be CEO?". Business Insider. Retrieved April 10, 2018.
  27. ↑ USI Università della Svizzera italiana (May 24, 2016), Svizzera: Ritorno al Futuro - Sergio Ermotti (in Italian), retrieved May 15, 2018
  28. ↑ "UBS Chef Sergio Ermotti ist gefordert von Davoser Schülern". Schweizer Radio und Fernsehen (in German). January 23, 2018.
  29. ↑ "Interview de Sergio Ermotti, CEO ad interim d'UBS: "Notre stratégie c'est d'être la plus grande et la meilleure banque de gestion de fortune au monde" - Vidéo - Play RTS". Play RTS (in French). October 10, 2011. Missing or empty |url= (help); |access-date= requires |url= (help)
  30. ↑ Miller, Matt (April 22, 2018). "Ermotti Says UBS Investment Banking Unit Is About 'Growing and Being Successful'". Bloomberg Markets.
  31. ↑ "UBS's 'Mr Cool' takes the Ice Bucket Challenge - Video". HITC Business. Retrieved 6 November 2014.
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