Post a Comment Print Share on Facebook

reads.

Sergio Ermotti is seeking a higher meaning

"Any Changes are still years away," said UBS chief Sergio p. Ermotti , when he was approached two weeks ago at the media conference in the weeks since circulating succession rumors. But from the looks of it, it may not be quite so long. The least Familiar of the Ticino Bankers. According to the scenario that you describe, it means "change", however, in no way that Ermotti is eliminated at the largest Swiss Bank. Rather, the Plan is that he changes in the Board of Directors (VR) – to be President, of course.

The succession debate at the UBS was started by the President of the Board of Directors President Axel Weber. He said on 3. January, We are trying, in an Interview with the editorial Board of Tamedia: "to make the Transition to the post of CEO and the Chairman as a quiet, orderly process." He wanted to stay until 2022. On 7. January confirmed to Weber that discussions with potential external successors were Ermottis been recorded. Specifically, with the Austrian Christian Meissner, an investment banker who has brought it to the one at Lehman Brothers. After he disappeared for a moment in the obscurity, he managed to make a Comeback. By the end of last year, he was the head of investment banking at Bank of America. His departure there was not quite as glorious, the Numbers were not great. Little glory was, that the talks with UBS were known to the public.

The impatience of the shareholders

That Ermotti stand after seven years in office without an Emergency as a "lame duck" to grow is no luster performance of the President and also with the Ego of the CEO, and difficult to reconcile. The don't want to leave his Bank, namely, the German economy, Professor Weber, in his environment. Quite the contrary: He wants to be President, and so the fortunes of the UBS continue to have a say. The question now is whether this succeeds and how the any time plan looks like. And as it is still anything other than agree. Weber left align a week ago via the "balance sheet", he could imagine that he might even stay until 2024. Then he would be 65 years old and 12 years in office. A term limit of eight years would actually be provided for Board members. Because, according to the near-collapse of 2008, the VR in the following years, virtually all of it was replaced, it has relaxed the rule in the case of Weber, in order to prevent too great a fluctuation.

Thus, there would be a three-year Interregnum – much too long for the Bank, which did business in the past years, and while extremely solid and, above all, scandal-free, but also momentum lost. The share price since the crisis years in the cellar, and after the Bank lost last year, a third of the market value, there is a growing impatience among the shareholders. Since information on the competition, including the Credit Suisse, which lost a little more not much help. Not even the 13 million Swiss francs Ermotti invested personally in the UBS share price, helped more than a few days.

many changes in the top Management. After the departure of top portfolio Manager Juerg Zeltner and Andrea Orcel, head of investment banking, there is growing pressure on the remaining Rest of the Executive Board. To the outside a little convincing that both the investment Bank and asset management Co-heads have been installed. In particular, Martin Blessing, who has long acted as a successor to Ermottis and as UBS-Switzerland-in-chief was successful in his new role as Co-head of the asset management controversial. Therefore, the following scenario is favoured: that Within the next 12 months, the Bank announced that Ermotti changes in the VR. There, he is not President, there is a so-called Cool-off period. This applies internationally as a Standard, if a boss in the VR switches. The Bureau would take, at the latest in 2022 – if Weber makes the place. "It is a bit like a pesky Fly, which turns into a very hot summer rounds. And you want to get rid of," said Ermotti once to the succession debate. If this succeeds, it will show soon.

(Sunday newspaper)

Created: 09.02.2019, 19:45 PM

Avatar
Your Name
Post a Comment
Characters Left:
Your comment has been forwarded to the administrator for approval.×
Warning! Will constitute a criminal offense, illegal, threatening, offensive, insulting and swearing, derogatory, defamatory, vulgar, pornographic, indecent, personality rights, damaging or similar nature in the nature of all kinds of financial content, legal, criminal and administrative responsibility for the content of the sender member / members are belong.