UBS CEO Sergio Ermotti attends the Swiss Global Digital Summit in Geneva, Switzerland, September 2, 2019. LONDON (Reuters Breakingviews) – Credit Suisse’s humiliating Spygate scandal has prompted another unforeseen question at its crosstown rival UBS: Who will succeed Sergio Ermotti as chief executive? As some internal contenders have left UBS over the past year, Credit Suisse’s tailing of former executive Iqbal Khan – who started as head of wealth management at UBS this week – has raised his profile as a potential successor to Ermotti. But Khan and others still need to prove their mettle. Ermotti may need to defer retirement altogether. Last month Ermotti celebrated eight years running UBS, making him the longest-serving CEO at the $41 billion Swiss investment bank and fund manager. Combined with the fact that he turns 60 next May, Zurich’s clubby financial community has been rife with speculation that he might relinquish power in 2020. UBS could arguably do with a refresh. Shares have shed over a third of their value over the last two years, underperforming Credit Suisse by 10 percentage points. Profitability in wealth management, the bank’s earnings engine, has lately declined, giving Khan a clear mandate to prove his value. And… Read full this story
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