VIENNA, Feb 28 (Reuters) – The board of directors of Swiss banking giant UBS plans to keep Chief Executive Sergio Ermotti on for longer than \u200coriginally planned, Swiss newspaper Neue Zuercher Zeitung reported on Saturday.<\/p>\n
Ermotti, who oversaw the \u200cSwiss bank’s 2023 emergency takeover of Credit Suisse, is set to step down by the middle of \u200b2027, although that timeline is not finalised, two sources with knowledge of the matter told Reuters last month.<\/p>\n
However, the board led by Chairman Colm Kelleher, wants to keep Ermotti beyond that date to guide UBS’s pushback against the Swiss government\u2019s plans for tighter regulation, the \u200cNZZ reported, citing people familiar \u2060with the matter.<\/p>\n
“As we have repeatedly said, Sergio P. Ermotti will remain Group CEO until at least early 2027,” a UBS spokesperson \u2060said when asked by Reuters about the NZZ report, adding that it was “premature to speculate about the timing of Sergio stepping down”.<\/p>\n
“When the time comes to decide on a successor, the \u200bBoard \u200bwill be able to draw on a strong \u200bbench of internal candidates, but will \u200cof course fulfill its fiduciary duty by also evaluating external candidates,” the spokesperson added.<\/p>\n
MEASURES TO PREVENT FINANCIAL CRISES<\/p>\n
In June, the Swiss government proposed measures aimed at preventing future banking crises following the 2023 collapse of Credit Suisse. The plans could require UBS to hold up to $24 billion in additional capital.<\/p>\n
Other proposals include that UBS can no longer \u200ccount software and deferred tax assets towards its \u200bCommon Equity Tier 1 capital, whiles its foreign \u200bunits must be fully backed with \u200bCET1 capital.<\/p>\n
UBS has rejected the proposals, arguing they would make Switzerland \u200cless competitive.<\/p>\n
NZZ said the bank was looking \u200bat different potential outcomes \u200bof that discussion, and that it might determine whether the bank remains based in Switzerland or moves its headquarters abroad.<\/p>\n
“We will do everything we can to \u200bensure that UBS can \u200ccontinue to operate successfully as a global bank from Switzerland. Nevertheless, the Board \u200bof Directors is obliged to prepare for all scenarios,” the spokesperson said.<\/p>\n
(Reporting \u200bby Francois Murphy, Editing by Louise Heavens)<\/p>\n","protected":false},"excerpt":{"rendered":"VIENNA, Feb 28 (Reuters) – The board of directors of Swiss banking giant UBS plans to keep Chief…\n","protected":false},"author":2,"featured_media":21596,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[129],"tags":[14170,1548,14169,1549,906,223],"class_list":{"0":"post-21595","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ubs","8":"tag-colm-kelleher","9":"tag-credit-suisse","10":"tag-neue-zuercher-zeitung","11":"tag-sergio-ermotti","12":"tag-swiss-government","13":"tag-ubs"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/21595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=21595"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/21595\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/21596"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=21595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=21595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=21595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}