UBS plumps for an outsider to replace Ermotti

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By David Rothnie
20 Feb 2020

A lack of credible internal candidates and a desire for stability across its divisions led UBS to cast the net wider to find a successor to chief executive Sergio Ermotti. It has appointed ING CEO Ralph Hamers.

The apparently straightforward decision by ING to issue additional tier one securities on Wednesday had far-reaching implications that ultimately resulted in UBS scrambling to announce a new group CEO to replace Ermotti that night.

As with any capital raising, issuers are duty-bound to flag up any ...

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