UBS chief executive Sergio Ermotti plans to step down in April 2027, launching the race for one of banking's biggest jobs. He intends to leave after completing the integration of the Credit Suisse rescue, a task he took on after returning to the role in 2023. His exit coincides with a fierce battle against the Swiss government over proposals to raise capital buffers by roughly $24 billion, a move the bank says would 'jeopardise' its success.

This dispute has fueled speculation about a potential headquarters move. Ermotti’s departure will trigger a high-stakes succession contest. Front-runners include asset management chief Aleksandar Ivanovic, wealth management co-heads Iqbal Khan and Robert Karofsky, and newly promoted chief operating officer Bea Martin.

Chair Colm Kelleher hopes to emulate the orderly transition at Morgan Stanley. Ermotti, Europe's best-paid bank CEO in 2024, is credited with doubling UBS's share price, but his successor will inherit a complex regulatory fight.