Sergio Pietro Ermotti, a Swiss manager and former investment banker, was born on May 11, 1960. Sergio Ermotti, the son of an Italian banker who relocated to the canton of Ticino in Switzerland, dropped out of school when he was fifteen years old and started working as an apprentice at Cornèr Bank in Lugano.
Ermotti succeeded Walter Kielholz as Chairman of Swiss Re, one of the biggest reinsurance businesses in the world, in April 2021. From November 2011 until October 2020, he served as the group chief executive officer (CEO) of UBS Group AG. In a dig, we are close to knowing about Sergio Ermotti’s net worth.
What Is Sergio Ermotti Net Worth?
The estimated net worth of Sergio Ermotti is $10 million. His principal employment as a corporate executive is his primary source of income. The annual earnings from Sergio Ermotti’s salary and other sources total more than $1 million dollars. His outstanding accomplishments have allowed him to live a luxurious lifestyle and take extravagant excursions.
One of Switzerland’s wealthiest and most powerful corporate leaders is Sergio Ermotti. He is attractively tall (1.75 meters) and has a healthy body weight that fits his personality.
Sergio Ermotti Career
At Swiss Bank Corporation, where he held several positions in the trading and sales departments, Sergio Ermotti started his banking career in 1987. He was chosen in 1993 to serve as the bank’s co-Head of Fixed Income for Europe, the Middle East, and Africa (EMEA).
Ermotti served as the co-Head of Global Stock Derivatives and Convertibles in Zurich after the 1998 merger of Swiss Bank Corporation and Union Bank of Switzerland (UBS) and later as the co-Head of Global Equity Derivatives and Cash.
Ermotti departed UBS in 2005 to become the Head of European Equities at Merrill Lynch. In 2011, he rejoined UBS as CEO of UBS Wealth Management. In 2012, he was named Deputy CEO of UBS Group.
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In 2011, Ermotti succeeded Oswald Grübel as CEO of the UBS Group. Grübel had left because the bank had sustained large losses in its investment banking segment. UBS undertook a dramatic reorganization under Ermotti’s direction, refocusing its efforts on its core wealth management and investment banking areas.
Throughout his leadership, UBS also encountered some legal issues involving the manipulation of benchmark interest rates and tax evasion. Ermotti attempted to fix these problems and enhance the compliance and risk management procedures used by the bank. Ralph Hamers succeeded Ermotti as CEO of UBS in November 2020 after Ermotti announced his retirement.
Sergio Ermotti Achievement And Awards List
- Ermotti was honored as the 2014 European Banker of the Year by The Group of 20+1, a platform for the banking sector.
- From 2014 through 2019, Ermotti oversaw UBS, which was recognized by Euromoney magazine as the Best Global Private Bank for six of those years.
- Ermotti was ranked among the top 100 financial industry influencers by Bloomberg Markets magazine in 2015.
- Ermotti was named the Financial Times Person of the Year in 2018 in recognition of his management of UBS at a trying time for the banking sector.
- UBS received praise for its CSR initiatives while Ermotti served as its CEO, and the company spent nine years on the Dow Jones Sustainability Index.
- Ermotti was also recognized for his efforts to improve diversity and inclusion at UBS, and the bank was named one of the top companies for LGBT employees by the Human Rights Campaign Foundation during his leadership.
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