UBS has chosen its next chief executive in the form of ING Group head Ralph Hamers.
Mr Hamers replaces Sergio Ermotti, who leaves after nine years having transformed the bank in the wake of the Global Financial Crisis.
UBS issued a statement late last night (19 February) thanking Mr Ermotti for his “outstanding contribution”.
The change comes less than a week after rival Credit Suisse announced it was getting rid of its own chief executive, Tidjane Thiam, following a spying scandal on his watch.
