UBS CEO Sergio Ermotti has taken on a challenge unprecedented in the history of global banking, and the stakes for him, the bank and global financial markets are sky-high.
The morning after the bombshell announcement in March that UBS was buying its failing crosstown rival Credit Suisse to avert a global banking crisis, Sergio Ermotti saw a surprising name pop up on his phone. The caller was UBS chairman Colm Kelleher. Ermotti had left the bank barely three years earlier and was at the time chair of a Swiss insurance company. “I was definitely not expecting the phone call,” Ermotti told CNN on the sidelines of a conference in Geneva last month.
“What really sets him apart is the clarity with which he leads,” said Katrin Koch, who was Ermotti’s chief of staff during his first tenure at UBS. Ermotti does not shy away from making tough decisions and takes full responsibility for his actions, she added. He makes “no excuses… I think this is rare these days.” Equally valuable for the job at hand is his ability to inspire others to tackle challenging tasks.
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