UBS Group has named the head of ING, Ralph Hamers, as the successor to Sergio Ermotti, the Swiss bank’s main govt.
In a shock announcement late on Wednesday, UBS said Mr. Hamers would go away Netherlands-based ING in June following a 29-calendar year career to be part of UBS, the world’s largest prosperity supervisor, in September.
Mr. Ermotti has invested close to a 10 years at UBS, profitable plaudits for overhauling its strategy following the economic crisis, reducing its financial investment financial institution and expanding its prosperity administration business enterprise.
But UBS missed its gain and expense targets for 2019 amid ultralow fascination costs in Europe and enhanced opposition from U.S. rivals, forcing Mr. Ermotti to dial back again some of its aims. UBS shares fell sharply final year, and the firm was strike by a 4.5 billion euro ($5 billion) fine in a French tax fraud circumstance.
UBS gets to be the second key Swiss lender this thirty day period to change its C.E.O. On Feb. 7, Credit rating Suisse reported Thomas Gottstein would be successful Tidjane Thiam, who resigned subsequent a spying scandal.
ING, the Dutch bank and money services agency, did not straight away disclose its designs on acquiring a new main but stated a succession process would begin “if and when suitable.”
Mr. Hamers’s appointment finishes speculation that Iqbal Khan, a outstanding prosperity manager who joined UBS very last 12 months right after leaving Credit history Suisse, could be in line to exchange Mr. Ermotti.