Exit of UBS CEO Ermotti Leaves Plenty for Successor
- UBS posts one of its best results under departing CEO Ermotti
- His successor must navigate a market in need of consolidation
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Sergio Ermotti is leaving UBS Group AG with one of the best quarters since he took over nine years ago, but incoming Chief Executive Officer Ralph Hamers still has plenty to fix.
The world’s largest wealth manager on Tuesday reported better-than-expected profit, helped by a booming investment bank, unexpected inflows from rich clients, and some of the lowest provisions for bad loans in Europe. UBS even set aside $1.5 billion for share buybacks next year and plans to resume dividend payments next month.