UBS CEO Ermotti hopes to step down before 2030

Investing.com -- UBS Group Chief Executive Sergio Ermotti said he hopes to leave his position before 2030, according to an interview broadcast by Swiss public broadcaster SRF on Friday at the Swiss Economic Forum.

When asked if he would still serve as UBS CEO in four years, Ermotti responded, "I hope not."

Earlier this year, reports indicated that Ermotti could remain in his position into the second half of 2027 to guide UBS through regulatory changes and allow the board additional time to find a replacement, as a clear internal successor has not yet been identified.

UBS completed its acquisition of Credit Suisse in a government-backed emergency takeover in 2023. Government proposals for stricter capital requirements have put pressure on the bank's share price since then.

"We had hoped that perhaps the issue of what happened with Credit Suisse would not affect us so directly," Ermotti said. He added that UBS would likely emerge from the crisis review "with a black eye."

Ermotti expressed confidence in the partnership between Switzerland and UBS moving forward. He restated his preference for maintaining the bank's Swiss headquarters, saying, "We absolutely want to stay in Switzerland."

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