Author Osaemezu Ogwu is a cryptocurrency journalist with several years of experience in the crypto-verse.
In yet another shakeup, leading financial institution UBS Group removed Sergio Ermotti as its Chief Executive Officer and will replace him with ING Group’s Ralph Hammer. It is already the second major lender after Credit Suisse to replace its leading figure this month.
Banks and major financial institutions are making structural and strategic changes this year and Switzerland-based UBS Group is joining the queue. The financial institution giant replaced CEO Sergio Ermotti and immediately announced ING Group’s Ralph Hamers as his successor and will resume his duties on November 1.
Sergio, who has been with the bank for close to ten years, will be replaced by someone who many consider being a finance guru, a veteran who has dedicated 30 years of his life to ING and is currently acknowledged by colleagues as one of the brightest minds when talking about wealth creation in Europe.
Major Changes for UBS and ING
The change at both ING and UBS will affect both firms, as they both say goodbye to major figures who contributed their quotas to the development of their banks over the years. ING did not disclose its immediate plans to the press, but stressed that they would reveal their next course of action “if and when appropriate”.
On the decision to appoint Hamer, UBS Chairman Alex Weber stated:
“Ralph is the right CEO to lead our business into its next chapter. A seasoned and well-respected banker with proven expertise in digital transformation, Ralph has an impressive track record leading ING Group for more than six years.”
Weber met Hamers months ago after it was decided that the company would not extend Ermotti’s tenure as the Group’s Chief Executive Officer.
In order to stay strong in a battle with major rivals in a highly competitive market, UBS is amending its operational pattern and this automatically involves some changes in its structure. The financial giant is overhauling its flagship wealth management business, including shrinking its senior staff.
This change becomes imperative so as to key into the reality of the new decade, which includes the uncertain atmosphere surrounding the decision of Britain to leave the European Union and the devastating effect of the coronavirus on the world financial market.
A financial analyst has advised banks and other financial bodies to brace up, not only because of Brexit and the virus in Asia but also because of a change of mantle in the White House that might also shake any institution that’s not ready for the storm.