UBS to Name ING's Ralph Hamers as CEO
February 19 2020 - 5:41PM
Dow Jones News
By Margot Patrick
UBS Group AG Chief Executive Sergio Ermotti is stepping down and
will be succeeded by current ING Groep NV boss Ralph Hamers, a
person familiar with the matter said Wednesday, marking another
leadership change at a major Swiss bank.
Mr. Ermotti has been UBS's CEO since 2011 and was expected to
announce his departure this year or next. He led UBS through a
post-financial-crisis restructuring and repositioned it as a global
wealth manager serving billionaires and entrepreneurs. Mr. Hamers,
an ING veteran, has been that bank's chief executive since
2013.
UBS is expected to announce the appointment later Wednesday. The
naming of the new CEO was first reported by the Financial
Times.
The CEO of UBS's main Swiss rival, Credit Suisse Group AG,
resigned earlier this month amid a spying scandal.
Write to Margot Patrick at margot.patrick@wsj.com
(END) Dow Jones Newswires
February 19, 2020 17:26 ET (22:26 GMT)
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