Sergio Ermotti, the heir apparent for UBS’s leadership, will likely be tasked with slashing the investment aspect of the company in order to refocus on wealth management.
Sergio Ermotti Second In Line to Oswald Grubel
After the $2.3 billion rogue trading scandal, plans to accelerate CEO Oswald Grubel’s departures accelerated in order to speed up restructuring and senior management changes. In 2009, Grubel was brought out of retirement to run UBS following huge losses on subprime assets that lead to its bailout by the Swiss government. Sixty-seven year old Gruebel had run Credit Suisse and was retired when UBS sought him to clean out UBS from the fallout of the subprime mortgage debacle.
Sergio Ermotti Background
Sergio Ermotti is the former deputy executive director of Unicredit. Before that the Italian-speaking Swiss was with Merrill Lynch for nearly two decades.