UBS Has Begun Search for a Successor to CEO Sergio Ermotti

The transcript discusses the ongoing theme of succession planning in European banks, focusing on UBS. Axel Vebber, UBS chairman, previously emphasized the importance of succession planning, which is now actively in progress. Jan Henrik Foster from Bloomberg provides insights into the challenges faced by European banks, such as low growth and technological changes. The discussion also covers recent succession events at HSBC and Credit Suisse, highlighting the complexities of leadership transitions. UBS's succession planning involves both internal and external candidates, with Sabina Calibuso as a potential successor.

What was Axel Vebber's stance on succession planning a year ago?

• He thought it was unnecessary.

• He believed it should be delayed.

• He considered it a crucial part of the bank's strategy.

• He was not concerned about it.

What is a significant challenge for European banks in the current environment?

• Technological stagnation

• Excessive growth

• Low rate environment

• High interest rates

What was a key reason for the departure of Jean CM?

• Corporate governance issues

• Scandal involving Ikbal Khan

• Financial mismanagement

• Personal reasons

Who is a potential internal candidate for succession at UBS?

• Jean CM

• Sabina Calibuso

• Axel Vebber

• Ikbal Khan

What is one of the challenges UBS is currently facing?

• Excessive growth in wealth management

• Cost issues

• High share prices

• Lack of restructuring