UBS boss to step down in 2027, report says

(Sharecast News) - The chief executive of Swiss banking giant UBS is reported set to step away from his position next year, according to a report on Tuesday from the Financial Times. Sergio Ermotti, who led the bank between 2011 and 2020, before being reappointed in 2023, was brought back to oversee the merger and integration with Credit Suisse, which officially completed in June of that year.

According to the FT, citing people close to the matter, Ermotti intends to step down in April 2027, at the time of the bank's annual general meeting.

As of 0911 GMT, UBS has not released a statement to confirm.

The rumoured move comes at a time when the Swiss government is planning to tighten capital rules for banks following Credit Suisse's collapse.

UBS said this week that the proposed reforms - which would require it to raise capital needs by up to $24bn and lift annual costs by $1.7bn - are "excessive, disproportionate, not internationally aligned and not targeted".

There is also speculation that the rules could see the bank shift its headquarters overseas.

UBS shares were up 1.1% at CHF38.37 in Zurich.