UBS chief executive Sergio Ermotti is stepping down and will be succeeded by current ING Groep boss Ralph Hamers, in the latest leadership change at a major European bank.
The Swiss bank, the country’s largest by assets, said Hamers will join its board in September and become CEO on November 1. Ermotti, 59 years old, has been UBS’s chief executive since 2011 and was expected to announce his departure this year or next.
