This possible scenario would fit with the information obtained by finews.com that Ulrich Koerner (pictured below) is about to drop out as head of asset management. Koerner has been a member of the executive for ten years, first as chief operating officer and now as head of asset management (since 2014).
He was successful in generating new money for the funds business but his profit target of one billion Swiss francs ($1 billion) is out of reach. The bank now seems interested in a change at the top. The bank didn’t comment the information.
Preparing the Ground
But it does look as if the bank is preparing the ground for certain changes. And the changes inevitably will lead to the names of the potential successors of Ermotti.
The bank is keen to avoid a focus on the departures of Zeltner and Orcel and critical voices claiming that Ermotti has fallen short preparing for their exit. UBS also will want to counteract any hint of speculation that there’s a void at the top.
U.S. Example for How It's Done
Goldman Sachs, the U.S. investment bank, recently showed how it can be done: CEO Lloyd Blankfein named the year he would be retiring, with two candidates designated as potential successors – David Solomon and Harvey Schwartz. Solomon won the race, with Blankfein issuing the casting vote.
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