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1998-2001
After the 1998 merger of Swiss Bank Corporation and Union Bank of Switzerland, Marcel Ospel became its first CEO.
Ospel implemented an aggressive expansion strategy that made UBS world-class in wealth management and investment banking. He was described as flamboyant and occasionally controversial, particularly regarding his decision not to support the struggling Swissair.
In his free time, he liked to hunt deer and play the traditional Basel drum during Carnival celebrations.
After his CEO term ended in 2001, he continued as chairman until 2008, when the financial crisis forced his resignation.
2001-2007
As UBS’s second CEO, Peter Wuffli oversaw massive growth in the bank.
But his tenure ended abruptly in July 2007 when the board ousted him during a meeting in Valencia, Spain. The subprime mortgage crisis ended his reign.
Wuffli demonstrated unusual integrity by declining approximately $10 million in exit payments upon his departure.
After UBS, he founded the Elea Foundation for Ethics in Globalization, which focuses on ethical business practices and poverty reduction through entrepreneurship.
2007-2009
Marcel Rohner led UBS at the height of the 2008 financial crisis. His tenure was turbulent, but unprecedented challenges defined it. He had to deal with staggering losses from subprime mortgage investments, requiring a $60 billion government bailout or face collapse.
Rohner later testified to being “shocked and ashamed” about the Libor rate-rigging scandal that unfolded during this period. The scandal cost UBS $1.5 billion in fines.
Rohner resigned in February 2009, forever altering UBS. In 2021, he became the chairman of the Swiss Bankers Association.
2009-2011
Oswald Grübel, the man who fled East Germany as a child in 1952, was tasked with rebuilding UBS after it received a $60 billion Swiss government bailout.
But his tenure ended shortly after another crisis—the Kweku Adoboli scandal, in which a rogue trader caused a $2.3 billion loss through unauthorized trades, the largest trading fraud in UK history.
Grübel took responsibility for the failure of risk controls by resigning.
2011-2020
The first time Sergio Ermotti led UBS started in 2011. He took drastic measures by shrinking its investment banking operations and focusing on its core wealth management business.
Taking over after the 2011 rogue trader scandal, Ermotti implemented a restructuring strategy that cut over 10,000 jobs and repositioned UBS as a global wealth management leader.
Before his banking career, Ermotti wanted to be a professional soccer player. Ermotti is known for his “Mr. Cool” demeanor in high-pressure situations. For example, he once participated in the ALS Ice Bucket Challenge, revealing a lighter side to his persona.
2020-2023
Ralph Hamers was the bank’s first non-Swiss CEO. He cut his teeth in the Dutch banking world, where he enhanced the digital capabilities of ING Group.
But it was an interesting choice as he had recently been sullied at ING by a €775 million fine for inadequate anti-money laundering controls.
Hammer’s three-year tenure ended when the bank acquired Credit Suisse in 2023 and reinstated former CEO Sergio Ermotti to manage the complex integration.
As of 2024, he works at Arta Finance, a digital wealth platform that uses artificial intelligence.
2023-present
Sergio Ermotti returned to UBS for his second term as CEO in April 2023. He was recruited back to manage the complex acquisition of Credit Suisse, which recently collapsed.
At the time of this writing, this is the largest banking merger in Swiss history. The acquisition required $100 billion in Swiss government guarantees, and UBS needed an experienced veteran at the helm.
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