Sergio Ermotti, the CEO of UBS, is being hailed as the smartest manager in Switzerland. Despite his lackluster rhetoric, he wields immense power and is often referred to as the king of Paradeplatz, the financial district in Zurich. Tomorrow, he will be immortalized as he cuts the ribbon at the grand opening of the Mandarin Oriental Savoy hotel, located in the heart of Switzerland’s banking hub.
Ermotti’s success is closely tied to the soaring stock price of UBS, the last remaining major bank in the country. In just five years, the stock has more than doubled, making Ermotti incredibly wealthy. His personal fortune is heavily invested in UBS shares, and his rise to the top can be attributed to the failures of other prominent figures in the Swiss financial sector, such as Thomas Jordan and Marlene Amstad.
While Ermotti thrives, Jordan and Amstad have faced criticism for their leadership. Amstad, in particular, has been blamed for not replacing the faltering leadership at Credit Suisse in a timely manner, as well as for the loss of 17 billion Swiss francs in convertible bonds. Jordan, on the other hand, reportedly wanted to provide 50 billion francs of capital from the Swiss National Bank to Credit Suisse, but was prevented from doing so by the Financial Market Supervisory Authority and the Swiss Federal Council.
The blame game continues, with no one taking full responsibility for the colossal failures at Credit Suisse. Amidst this chaos, Ermotti remains unfazed, enjoying his position of power and immense wealth. It has been suggested that he had insider information during his time at Swiss Re, where he was president during the first bank run on Credit Suisse. However, any investigations into this matter are unlikely to yield any concrete results.
Meanwhile, a large Anglo-Saxon investor has recently entered the picture, signaling potential big business opportunities for UBS under the leadership of Ermotti and Chairman Colm Kelleher. The prospect of Ermotti becoming a billionaire as an employee raises concerns for Switzerland, as it would be a testament to the country’s risk if UBS were to crash in the next 15 years.
The article concludes by speculating about the future, suggesting that the next major financial crisis in Switzerland could occur in 2038, and by which time Ermotti will be retired.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇠|
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Sergio Ermotti, Marlene Amstad, Ueli Maurer, Thomas Jordan, Dirk Schütz |
| Companies | Berner Volksbank, CS, Financial Times, Bundesrat, Hotel Mandarin Oriental Savoy, SNB, Swiss Re, Reuters, Finma, UBS, Kreditanstalt, Chiasso |
| Currencies | None |
| Securities | None |
