UBS CEO Sergio Ermotti Marks 50 Years in Banking
Fifty years ago, UBS Group CEO Sergio Ermotti began his career in banking – a milestone often likened to a Golden Anniversary.
In 1975, a 15-year-old boy with dreams of becoming a professional footballer began a banking apprenticeship in his hometown of Lugano. That young man went on to become one of the most influential figures in global finance.
To mark this milestone, Sergio Ermotti shared a personal reflection on LinkedIn. «When I started as a 15-year-old apprentice at a regional bank in my hometown of Lugano exactly 50 years ago today, banking was not my dream. Football was,» he wrote.
«In fact, the apprenticeship was only meant as a temporary step – either until I made it as a professional footballer or, failing that, as a plan B to become a sports teacher.»
Plan B That Became a Calling
That plan B quickly became a lifelong calling. Within just a few months, Ermotti discovered that banking was far more than a backup option. «I found a profession that rewards continuous learning, hard work, integrity, and the courage to seize opportunities when luck comes by,» he said. «Banking became my new Plan B.»
That shift in mindset defined the trajectory of his career – marked by bold decisions, resilience, and leadership during some of the industry's most challenging times.
«I have experienced highs and lows. I took risks that pushed me far out of my comfort zone – from building a capital markets business from scratch to leading UBS through some of the industry's most challenging times.»
The Core of Banking: Trust
For Ermotti, the essence of banking lies in trust. «Banking is fundamentally about trust. It is shaped by the people you deal with – colleagues, clients, regulators, and even competitors – all of whom challenge you to raise the bar, think more strategically, and lead with clarity.»
His reflections were not just personal – they also served as an endorsement of the Swiss vocational training model that gave him his start.
«I have always believed in the strength of the Swiss apprenticeship model. It gives young people the chance to learn on the job, to discover their strengths – and sometimes, as in my case, to find a vocation they didn’t know they had.»
From Apprentice to Global CEO
Ermotti began his journey at Cornèr Bank in Lugano, where he completed a three-year apprenticeship and stayed until 1985. He later joined Citi and then Merrill Lynch, where he rose to become Co-Head of Global Equity Markets. In 2005, he moved to Unicredit, serving as Deputy CEO.
He joined UBS in 2011 and became Group CEO just months later. After stepping down in 2020 and a stint as Chairman of Swiss Re, he returned to UBS in 2023 to steer the bank through the historic acquisition of Credit Suisse.
Words to the Next Generation
Ermotti offered advice to young professionals just starting: «Careers rarely follow a straight line. Adaptability, passion, and openness to change are far more powerful than a rigid plan. Be open to surprises. Don’t cling too tightly to a single dream – otherwise, you might miss the opportunity that’s right in front of you. Sometimes, Plan B turns out to be the most rewarding path of all.»
Diamond Jubilee?
As Ermotti celebrates 50 years in banking, speculation naturally turns to the future. While it is widely expected that he will step down from UBS’s operational leadership in the coming years, whether he will celebrate a diamond jubilee in finance remains to be seen.
For now, the Golden Anniversary stands as a powerful testament to resilience, reinvention – and the unexpected rewards of Plan B.
