Finance
Factbox-UBS executives seen as most likely to follow Ermotti as CEO
Published by Global Banking & Finance Review®
Posted on January 13, 2026
5 min readLast updated: January 19, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 13, 2026
5 min readLast updated: January 19, 2026
Sergio Ermotti plans to step down as UBS CEO in 2027. Key candidates include Aleksandar Ivanovic, Beatriz Martin Jimenez, Rob Karofsky, and Iqbal Khan.
ZURICH, Jan 13 (Reuters) - UBS CEO Sergio Ermotti is set to step down after completing the integration of Credit Suisse, with the Financial Times reporting on Tuesday that the veteran Swiss banker's departure is expected in April 2027.
Ermotti previously told Reuters he wanted to "dramatically" increase the chances of an internal candidate succeeding him, although UBS may still opt for an outsider.
UBS declined to comment on the executives listed below whose names have been floated as candidates to succeed Ermotti.
ALEKSANDAR IVANOVIC
The head of UBS' asset management division since March 2024, Ivanovic has not been viewed widely as a frontrunner, largely because asset management has a lower profile at the bank than wealth and investment banking, generating less than 10% of revenue against wealth's roughly 50%.
Analysts say he has impressed with his stewardship of the asset management unit and the FT reported on Tuesday that he was in the running to succeed Ermotti. Ivanovic was named president of UBS' asset management division after previously heading client coverage globally.
The Swiss national first joined UBS as an apprentice in 1992, before working at Credit Suisse and Morgan Stanley and rejoining in 2017. He has worked in all UBS' business divisions.
BEATRIZ MARTIN JIMENEZ
Jimenez, from Spain, became UBS Chief Operating Officer in January, with the bank's technology operations also reporting to her. Internally, she has been seen as the third of the three frontrunners to replace Ermotti, people familiar with the bank have told Reuters.
Becoming COO was a big promotion, and added to her responsibilities as President of UBS Europe, Middle East and Africa and as head of the non-core and legacy business, a crucial unit tasked with ridding it of many of the assets it inherited from Credit Suisse.
Yet people familiar with UBS say she lacks the experience in a client-facing role often required of bank CEOs.
She joined UBS in 2012 and previously held roles in fixed income sales and trading at Morgan Stanley and Deutsche Bank. She is also UBS' head of sustainability and impact.
ROB KAROFSKY
Karofsky was promoted to co-president of global wealth management and head of the Americas for UBS in July 2024.
Elevating him to a wealth role was seen by some insiders as a potential boost to his chances of one day becoming CEO, given he lacked experience in wealth, the UBS crown jewel.
The American investment banker is a veteran of equity markets who is said to start his day at 5 a.m. on the trading floor in New York. He joined UBS in 2014 as head of equities and headed up its investment between 2021 and 2024.
He joined the UBS global executive board in 2018 and was co-head of the investment bank before taking sole responsibility in 2021. He previously held senior trading roles at Deutsche Bank and AllianceBernstein.
IQBAL KHAN
Khan, who joined UBS in 2019 to run UBS' most important division of wealth management, has been seen within the bank as the most likely successor to Ermotti, sources familiar with UBS have said.
In July 2024, the Zurich-based lender announced his role would be split and he would share the wealth management position with Karofsky.
Khan was given responsibility for the Asia-Pacific region, which he began in September 2024 and is based in Asia.
A former Credit Suisse wealth head, Khan was considered a CEO candidate and when he left sources told Reuters he was mulling roles at several banks with the aim of becoming CEO.
Khan, a Swiss national who turns 50 this year, was thrust into the spotlight after leaving Credit Suisse when he confronted a private detective who was following him and his wife. This prompted a criminal complaint and eventually led to the bank's then-CEO leaving. He has since kept a low profile.
He is a Swiss certified accountant who studied at the University of Zurich and spent more than a decade at Ernst & Young.
COULD UBS ENLIST AN EXTERNAL CANDIDATE?
Leading one of Europe's largest banks, and the second-biggest wealth manager globally, is a coveted job and UBS is unlikely to be short of external candidates.
But finding someone to oversee both the sprawling wealth management and investment banking operations, while negotiating with stakeholders in UBS' home market, could narrow the field.
Any incomer will join with much of the Credit Suisse integration process completed, although UBS is also in the middle of a battle to convince the government to soften new banking rules, which may not have concluded by 2027.
With Ermotti unlikely to leave his post for more than a year, however, few names have surfaced so far.
(Compiled by Ariane Luthi and Tommy Reggiori Wilkes; Editing by Alexander Smith)
Asset management is the process of developing, operating, maintaining, and selling assets in a cost-effective manner. It involves managing investments on behalf of clients to achieve specific financial goals.
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