Read about Sergio Ermotti net worth, age, wife, children, height, family, parents, salary, and UBS as well as other information you need to know.
Introduction
Sergio Ermotti is a Swiss manager and former investment banker. In April 2021, Ermotti was elected Chairman of Swiss Re, one of the world’s largest reinsurance companies, succeeding Walter Kielholz. He was the Group Chief Executive Officer (CEO) of UBS Group AG from November 2011 to October 2020.
Ermotti was at UniCredit Group, serving as Head of the Markets & Investment Banking Division as of December 2005 and, from 2007 to 2010, as Group Deputy Chief Executive Officer responsible for Corporate and Investment Banking and Private Banking. Previously, from 1987 until 2003, he was with Merrill Lynch & Co. in several roles including Member of the Executive Management Committee for Global Markets & Investment Banking since 2001.
He took over as Group CEO at UBS after the 2011 rogue trader scandal, implementing strict corporate policies governing community standards. He initiated a major restructuring of the bank, redefining strategy, putting wealth management and Swiss business at its centre, alongside asset management and a more focused and capital-light investment banking. Leading the firm for nearly a decade, he was the longest-serving head of UBS.
In February 2020, UBS announced that Ralph Hamers, CEO of ING Group, would be succeeding Sergio Ermotti as Group CEO on 1 November. It has been speculated that he might transition into Swiss politics after his career in banking. He ruled out entering select political races for the Bundesrat stating that he was “not a politician”. In addition to English, Ermotti speaks Italian, German, and French fluently.
Early life
| Name | Sergio Ermotti |
| Net Worth | $10 million |
| Occupation | Manager, Former investment banker |
| Age | 62 years |
| Height | 1.78m |
Sergio Pietro Ermotti was born on May 11, 1960 (age 62 years) in Lugano, Switzerland, an Italian-speaking city. After secondary school, he pursued aspirations of being a professional footballer or sports teacher. Before turning 18 and enrolling in college to fulfill these aspirations, Ermotti decided to fill his time with an apprenticeship at the Cornèr Bank in Lugano to “get up to speed with accounting, finance, and so on”.
Ermotti started a training program in the Securities Department of the bank fascinated by foreign exchange trading. He received a Swiss federal banking expert diploma and, later in his banking career, graduated from the Advanced Management Program at Oxford University.
Career
Sergio Ermotti was later promoted to trading after his apprenticeship at the Cornèr Bank. In 1986, Ermotti moved to Citibank in Zurich where he traded equity-linked products and later served as its Resident Vice President. In 1987, he went on to the Swiss office of the US investment bank Merrill Lynch in Zurich and stayed with the bank for 16 years. He started by holding various positions in equity derivatives and capital markets and contributed to the expansion of the capital market business of the bank in Switzerland.
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Ermotti was promoted to the position of Managing Director in 1993 and moved to London to be in charge of the European equity derivatives unit. Three years later, in 1996, Ermotti relocated to New York, as a head of global derivatives trading where he also worked after his promotion to co-head of global equity markets and a member of the executive management committee for global markets & investment banking at Merrill Lynch. He joined the Italian bank UniCredit in Milan in December 2005 as head of markets & investment banking after UniCredit had taken over the German bank, HypoVereinsbank (HVB).
He was UniCredit’s Deputy Chief Executive Officer from 2007 with responsibility for the strategic business area, corporate and investment banking and private banking. When he was not offered the CEO position after the resignation of the then-CEO Alessandro Profumo, he left Unicredit in October 2010. Ermotti was appointed Chairman and Chief Executive of UBS’s Europe, Middle East, and Africa (EMEA) group, and became a member of the Group Executive Board in April 2011.
Sergio Ermotti was appointed interim Group CEO in September 2011, and permanent in November 2011. In response to the 2011 UBS rogue trader scandal, Ermotti sent an internal memo stating: “I want to make clear that no one’s personal interest nor any amount of revenue is worth more than the bank’s reputation”. Because of his new responsibility as CEO, he resigned from his position as president of Darwin Airline in 2011. Ermotti was a member of the board at the London Stock Exchange between September 2008 and July 2013.
In 2012, he tapped a colleague from Merrill Lynch, Andrea Orcel, to lead UBS’s investment banking arm, eventually assisting him in navigating the 2013 Libor trading scandal, a major corporate restructuring, and a major expansion of mergers and acquisitions (M&A) activity. When UBS AG was converted into a holding company in 2014, Ermotti was elected Group CEO of UBS Group AG. In 2015, the Swiss newspaper Schweiz am Sonntag named him as the most successful manager of a company listed on the Swiss Market Index. His salary in the fiscal year 2017 was estimated to be US$14.9 million.
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In February 2020 UBS announced that Ralph Hamers CEO of ING Group would be succeeding Sergio Ermotti as CEO on 1 November. In March 2020, Swiss Re, one of the world’s largest reinsurance companies, nominated Sergio P. Ermotti for election to Swiss Re’s board of directors and announced its intention to onboard him as its next chairman, succeeding Walter Kielholz in 2021. Sergio Ermotti is also a board member (lead non-executive director) of Ermenegildo Zegna N.V.
Wife
Sergio Ermotti is married to Tina Ermotti, they had their wedding in Switzerland. His wife is a private person and they have two children. His favorite movies are George Roy Hill’s The Sting and Ken Kesey’s One Flew Over the Cuckoo’s Nest. He supports the Swiss football club FC Lugano and the Italian football club, A.C. Milan. He was challenged by Marc Walder, CEO of Swiss media company Ringier and Gianluigi Bianchi, managing partner for Europe of Wealth-X to undertake the ALS Ice Bucket Challenge. As of March 2023, Sergio Ermotti and his wife Tina Ermotti are still married.
Sergio Ermotti net worth
How much is Sergio Ermotti worth? Sergio Ermotti net worth is estimated at around $10 million. His main source of income is his primary work as a business executive. Sergio Ermotti’s salary per month and other career earnings are over $1 million dollars annually. His remarkable achievements have earned him some luxurious lifestyles and some fancy car trips. Sergio Ermotti is one of the richest and most influential business executives in Switzerland. He stands at an appealing height of 1.75m and has a good body weight which suits his personality.