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The race for the UBS chief item is opened

The UBS begins with the succession of Bank chief Sergio Ermotti to prepare concrete. The discussions, therefore, have been included in the bench-top in the past 14 days, significantly, reports from Bank insiders. There are also first discussions with potential external candidates.

So, UBS is in contact with Christian Meissner, Ex-head of the investment Bank of Bank of America. The reports from internal sources and thus confirm a report by the Agency Bloomberg.

according to the information of the Board of Directors to advise next week in a telephone conference on human resources issues. The idea is apparently to get Meissner first to UBS, as other potential succession candidates. Whether Meissner is coming to UBS, and when specifically Ermotti resignation as CEO, all of these questions are still completely open, so the sources continue. Also the conversations with Meissner were still in a very early stage.

"No spontaneous exercise"

A spokesman for UBS did not comment on the information to discussions with Meissner on Sunday. The spokesman pointed to a Statement on the successor arrangements. Their preparation was always "part of the regular operating Bank operation". There would be no Changes to what the Bank President Axel Weber and Bank chief Sergio Ermotti to follow-up said issue publicly.

The Ticino runs the largest Bank in Switzerland since the autumn of 2011 and is one of the longest serving heads of a major Bank. Ermotti was followed by one on Oswald Grübel, had resigned because of the affair, the cheating trader Kweku Adoboli.

Axel Weber had only recently declared the "Tages-Anzeiger", that he wanted to make up to 2022. For the follow-up question, the bench top he said: "We are trying to make the Transition to the post of CEO and the Board of Directors as a quiet, orderly process. It's not a knee-jerk reaction is to give procedure."

In a small circle had made Weber but once clear that he wants to fast track the succession of the CEO post as a Bank President. This would mean that Ermotti would make Weber his Post.

Also, it appears that Weber has in mind as a successor for Ermotti a external candidate. The Ex-Bundesbank President had recently activated his contacts in Germany to look for suitable candidates – but without being able to find, is it from Bank insiders.

Of the current Bank leadership are often referred to as the two head of asset management, Tom Naratil, and Martin Blessing, as aspirants. Also, the former head of the investment Bank, Andrea Orcel, was internally thanks to its good performance as a "papabile". But the 55-Year-old left to hire UBS, surprisingly, in the autumn, as the boss of Santander, Spain. The former head of wealth management of UBS Jürg Zeltner, had also hope in the succession Ermottis, but he was not destined that he would come to this question.

No performance in the core division

With a view to the current Bank leadership, UBS-near sources point to the fact that Ermotti, Naratil & co. are all of similar age. Tom Naratil is 57, Martin Blessing 55 years old. Both of them are barely younger than Bank CEO Ermotti (58), and would not therefore stand for a new generation.

The Meissner embody thanks to his 49 years. The Austrians has so far, however, no performance in the Core business of the UBS asset management. Meissner is a trained investment banker. UBS insiders point to the fact that Andrea Orcel, was as an investment banker, head of private clients Bank Santander. The personality is the chief choice is crucial it means. And here Meissner has left Reportedly at UBS, a good impression.

Meissner was entered last year in a dispute with Bank of America. He and other executives, according to the media policy report to be frustrated by the overly cautious business.

After his studies at the Elite University Princeton, he began his career at Goldman Sachs. In 2004, he joined Lehman Brothers, where he quickly rose to Director of European operations. After the collapse of Lehman brothers, he moved to a Station at Nomura to Bank of America. If the next Station is the UBS, which will show in the coming weeks.

(editing Tamedia)

Created: 06.01.2019, 19:35 PM

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