LUZERN, Switzerland (Reuters) - UBS Chief Executive Sergio Ermotti said on Friday that the situation at Credit Suisse has stabilized and he did not think outflows at the embattled bank were continuing.
Addressing a media conference in Lucerne, Ermotti also said
he hoped there would be an investigation into Credit Suisse's Group downfall, which prompted his bank's takeover of its Swiss rival as part of a rescue orchestrated by the Swiss authorities.
He said UBS was on track to close the transaction within three months from its March 19 announcement.
(Reporting by Noele Illien,; Editing by Tomasz Janowski)
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Sergio P. Ermotti (born on 11 May 1960 in Lugano, Switzerland) is a Swiss banker from Lugano, Switzerland. He is Group CEO of UBS since November 2011, having held the position of Group Chief Executive Officer on an interim basis since September 2011. .
Personal life
Sergio P. Ermotti was born on May 11, 1960. He left school at age 15, deciding to follow in the footsteps of his father, he began his career as a young apprentice at the Corner Bank in Lugano.
Career
After his apprenticeship as a stockbroker at the Corner Bank, Ermotti was later promoted to trading. Ermotti earned a diploma as a Swiss Federal Banking Certified Expert and a degree in the Advanced Management Program at Oxford University.
In 1985, Ermotti moved to Citibank where he traded equity-linked products and later served as its Resident Vice President. He later went on to Merrill Lynch in 1987, holding various positions in equity derivatives and capital markets. Between 2001 and 2003, he served as co-Head of Global Equity Markets and as a member of the Executive Management Committee for Global Markets & Investment Banking at Merrill Lynch.
He joined UniCredit in December 2005 as Head of Markets & Investment Banking. From 2007 to 2010, he was UniCredit’s Deputy Chief Executive Officer with responsibility for the strategic business area, Corporate and Investment Banking and Private Banking.
Sergio P. Ermotti was appointed Chairman and CEO of UBS's Europe, Middle East, and Africa group and became a member of the Group Executive Board in April 2011. He was appointed interim Group CEO of UBS beginning in September 24, 2011 before being given this post permanently on November 15, 2011. Sergio Ermotti was a member of the Board at the London Stock Exchange between September 2008 and July 2013.
Other Activities
He owns a stake in the leisure industry group Tessal which owns four luxury hotels in Lugano that it is renovating. Ermotti presided over the regional carrier Darwin that flies between Zurich and Lugano on behalf of Swiss International Air Lines between 2007 and 2012.
Ermotti is a contributor to the LinkedIn Influencers Program, for which he writes about the global economy.
Sergio Ermotti is Chairman of the Fondazione Ermotti and board member of the Fondazione Lugano per il Polo Culturale, both located in Lugano.
Charity
Sergio Ermotti was challenged by Marc Walder, Chief Executive Officer of Swiss media company Ringier and Gianluigi Bianchi, Managing Partner for Europe of Wealth-X to undertake the ALS Ice Bucket Challenge.
| Linked companies | |
|---|---|
| UBS | Chief Executive Officer |
| UBS GROUP AG | Chief Executive Officer |
