Ahead of his last day running UBS, Sergio Ermotti said goodbye to the Swiss bank's 71,230 staff – with these words.
After nine years at the helm of the $2.6 trillion wealth manager, Friday is Sergio Ermotti's last day in his executive office at UBS' headquarters on Zurich's Bahnhofstrasse 45. Ralph Hamers, who joined the Swiss bank two months ago, takes over on November 1.
The 60-year-old Swiss banker, who began his banking career as an apprentice at a local lender in Ticino, bid goodbye to UBS' employees, whom he has led first on a temporary basis before UBS made him CEO for good late in 2011. «It's been an honor,» he told staff in a memo seen by finews.com.
«Returned to Strength»
Ermotti made his desire to restore UBS' luster after a series of damaging scandals the cornerstone of his tenure. «Back in February, when it was announced that I’d be leaving UBS, I said that it was not yet time to say goodbye, that we’d all need to stay laser-focused on executing our strategy for the remainder of the year,» he wrote.
The Swiss bank's favorable third-quarter results in one of the rockiest economic periods in recent history are a legacy to Ermotti's stewardship. «Today UBS is stronger than ever – strategically, financially and operationally,» Ermotti said. «Together, we’ve returned UBS to a position of strength and we can all be proud of our firm, our team and our inclusive culture.»
All-In CEO-Shareholder
Last week, the bank flagged $30 million in extra spending next quarter – it plans to pay its rank and file an extra salary equivalent to one week's pay in cash, it said. The gesture is to demonstrate the bank's appreciation of its employees, and «acknowledging that the pandemic may have resulted in unexpected financial impact,» UBS said.
In thanking UBS' staff, he noted that «I'll be watching the firm’s future with great interest and optimism as you start to write another successful chapter in UBS’s history under Ralph’s leadership.»
Total UBS Retreat
Ermotti, Europe's most lavishly compensated banker who has realized more than 50 million francs in pay since taking the helm, is also an all-in CEO shareholder. Nearly two years ago, he splashed out $13 million – effectively, one year's pay – on UBS shares.
He is designated to replace long-standing Swiss Re Chairman Walter Kielholz in April. Ermotti, who has granted a series of goodbye interviews ranging from the «Financial Times» (behind paywall) to Swiss glossy «Schweizer Illustrierte,» (in German) will retreat entirely from UBS.
