UBS AG , Switzerland’s largest bank, said Tom Naratil will replace John Cryan as chief financial officer, while Sergio Ermotti will join from UniCredit SpA to run Europe, the Middle East and Africa.
The exit of Chief Executive Officer Oswald Gruebel heightened the turmoil roiling UBS AG since it announced a $2.3 billion loss from unauthorized trading less than two weeks ago.
UBS AG Chief Executive Officer Sergio Ermotti said he’s confident his strategy of having a “focused” investment bank is correct.
Sergio Ermotti won over UBS AG’s board to get the chief executive officer post. Now he has to convince investors that the fifth reorganization of the firm’s investment bank in six years will succeed.
UBS AG will need about two to four years to make it back to the top, Interim Chief Executive Officer Sergio Ermotti told SonntagsBlick.
UBS AG, Switzerland’s biggest bank, said second-quarter profit fell 58 percent, missing analysts’ estimates, as the investment bank posted a loss tied to Facebook Inc.’s initial public offering.
UBS AG Chief Executive Officer Sergio Ermotti reminded staff that misconduct is “unacceptable” as Switzerland’s biggest bank prepares for the start of the trial over losses from unauthorized trading.
"People at that time, rightly so, were comparing what we were doing to decommissioning a nuclear plant."
- Sergio Ermotti on Dec 08, 2014