Time is undermining Weber's plans: Martin Blessing, whom many UBS observers viewed as a contender for Ermotti's job especially after he was put in charge, together with Tom Naratil, of the Swiss bank's flagship wealth unit. But Blessing is a mere two years younger than Ermotti – the German banker hardly represents a renewal and rejuvenation, and would instead be viewed as stop-gap.
Missing Qualification
The same is true for Naratil, a UBS lifer and ex-finance chief who knows UBS inside and out. Naratil is the same age as Ermotti – and he is American. His nationality would be a sensitive issue in Switzerland, where nationality and culture are given great import for national champions like UBS.
Headhunters frequently float Sabine Keller-Busse, who joined UBS' top management in 2016 and advanced to operating chief this year, as a potential successor to Ermotti. A former McKinsey consultant, Keller-Busse's biggest handicap is that she doesn't oversee a revenue-earning business (though she did run Credit Suisse's business with Zurich's wealthy before joining UBS in 2010).
Diminished Options
Having business responsibility is informally viewed as the springboard into the top spot (it is worth mentioning that Ermotti also didn't oversee his profit-and-loss statements when he was promoted from UBS' Europe, Middle East, and Africa boss to CEO in 2011).
Weber's internal options are clearly limited following the recent depletion of top management – and UBS will not dip into its second or third layer of hierarchy for its next CEO, according to observers. Either age or a key, missing qualification would seem to indicate that Weber won't get his wish for an internal succession candidate.
«New Kid On The Block»
Which brings UBS back to outside candidates – though even there, Weber won't find many promising candidates. The requirements to lead UBS or Credit Suisse include leadership roles in an international finance firm, as well as specific knowledge of wealth management and capital markets.
Not to mention the cultural aspect that UBS in particular under Ermotti, who clearly cares about Switzerland and can speak eloquently about political issues relevant to business, has nurtured.
The name most frequently mentioned is Iqbal Khan (pictured above), who is referred to as the new kid on the block by his Bahnhofstrasse rivals. His achievements in whipping Credit Suisse's long-neglected wealth arm into shape are the envy of Switzerland's private banking community.
An Ex-Central Banker?
