Sergio Ermotti has been named the interim chief of UBS after CEO Oswald Gruebel’s resignation this weekend following the recent rogue trading scandal that has cost the embattled Swiss bank $2.3 billion. Ermotti, who was been considered a potential candidate to succeed Gruebel, most recently served as the bank’s Europe, Africa and Middle East head. He’s also a member of the bank’s 13-person management board.
The New York Post is reporting that the bank will likely name him the permanent chief executive in the next few days or weeks.
Ermotti, a former UniCredit investment banker, joined UBS at the end of 2010. During his tenure at UniCredit, he was the head of the investment banking division.
Before UniCredit, he worked at Merrill Lynch for 18 years. Between 2001 and 2003, he served as the head of global equity markets.
What else do we know about him? He was “always impeccably dressed” at Merrill Lynch.
And Ermotti, 51, is an avid skier and a native of Switzerland — both of which are seemingly fitting for the top post of the Swiss bank.
He graduated from Oxford University with a degree in the Advanced Management Program. He’s also a Swiss-certified banking expert.
Other random details include:
- Making his first investment at 17 or 18. He bought a bond for its yield, he told Reuters.
- His first loss came at the hands of a disappointing silver investment in the late 1970s, which he believes was good for his financial edification: “You make money, you lose money. You need to live with this reality,” he said.
- His favourite films are The Sting and One Flew Over the Cuckoo’s Nest.
- He’ll take sports over reading, thought he wishes he devoted more time to the latter.
- Ermotti is a non-executive Director of the London Stock Exchange.
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