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The latest development that stunned UBS CEO Ralph Hamers (57): The former CEO of Dutch financial group ING came to Switzerland at the end of 2020 because the bank in his home country was too small for him. Now the new Superbank UBS is too big for him. At least that’s what the UBS board around President Colm Kelleher (65) thinks. Hamers had to vacate his seat for Sergio Ermotti (62).
Hamer’s figures at the top of the Swiss bank are impressive: in 2021 and 2022, the bottom line was 7.46 and 7.63 billion francs, respectively. Not much has jumped at UBS in 15 years. However, the management level doesn’t seem to trust him to be the head of the new UBS. Integrating Loss-making Credit Suisse into UBS is a huge undertaking.
Hamers leaves a mark
Hamers showed on a small scale how a bank can be future-proofed. As CEO of ING Group, he nearly doubled his profits between 2013 and 2019. But at ING everything revolves around the standardized private client business. The CEO of UBS has to bring the two banking giants together. And it needs to dig up and demolish a billion-dollar grave that is Credit Suisse investment bank. And that’s exactly what his predecessor and successor Sergio Ermotti did before at UBS.
What’s left of Hamers? At UBS, he changed the culture: by wearing a loose-fitting shirt without a tie, he created a more collegial work environment, removed rigid departmental thinking, and abolished several hierarchical levels. UBS has also managed to cut costs significantly under his leadership.
Six times more salary
This paid off for Hamers as well: the successful fiscal year 2022 brought in 12.64 million francs to his account. He received about two million francs a year at the ING Group. It was very little, as he thought at the time.
Even after leaving UBS, which was probably completely involuntary, Hamers’ cash flow continues to flow. UBS hasn’t had a golden parachute for long, but compensation expert Sacha Cahn, 50, says, “CEOs’ notice period is usually one year.”
Therefore, Hamers will still receive some million in 2023. Part of that is for a consulting assignment where he’ll stay at the bank. «In terms of digitization, he developed UBS. Cahn says he should definitely continue to be featured here. However, he also thinks it’s possible to join another big bank soon: “Hamers delivered extremely successful numbers at UBS. It’s just a matter of time before he gets an offer.”
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
