4.8 • 186 Ratings
🗓️ 6 March 2024
⏱️ 42 minutes
🧾️ Download transcript
Sergio Ermotti's returned as CEO with the bank's historical acquisition of their main rival Credit Suisse, a landmark event in global finance. Sergio shares why he wanted to come back to UBS, his biggest challenges as new CEO, and why Credit Suisse failed.
The production team on this episode were PLAN-B's Pål Huuse and Niklas Figenschau Johansen. Background research was done by Sigurd Brekke, with input from portfolio manager Philip Pearce, and Mikael Modum Bilet.
Links:
Hosted on Acast. See acast.com/privacy for more information.
Click on a timestamp to play from that location
| 0:00.0 | So today we are very excited to welcome one of the most impressive leaders in global finance, |
| 0:05.1 | Saggio Ermotti, CEO of UBS, which is one of the biggest banks in the world. |
| 0:10.0 | Saggio led UBS from 2011 until 2020, but he recently made a dramatic return after the historic |
| 0:17.0 | acquisition of the main rival Credit Swiss. |
| 0:20.0 | But first, Sardio will go all the way back. |
| 0:32.0 | When you were even younger, you were a talented football player. |
| 0:36.0 | So how come you ended up in banking? |
| 0:38.1 | I wasn't so talented, obviously. So I guess, well, my dream was definitely, I would have |
| 0:45.0 | swapped until today probably playing a final of the World Cup and scoring a goal with my current job, |
| 0:53.8 | for sure. |
| 0:54.7 | So I guess my dream as a young person was definitely to be a professional football player. |
| 1:02.5 | But then in Switzerland, you know, we go through an education system that allows you to go through an apprenticeship. |
| 1:09.9 | So I started in banking as a plan B, you know, to the football career. |
| 1:15.5 | And so when it turned out that I wasn't good enough to be a football player or a professional one, at least, |
| 1:21.7 | then I opted for becoming, being a trader. |
| 1:25.7 | And so my career in banking started. Yeah. Well, I would argue you've |
| 1:29.9 | got, you scored quite a lot of goals, but it's just that it's been in finance rather than football. |
| 1:34.1 | But what happened? You got a very important position. You were only 27 years old. Yeah, that was |
| 1:40.4 | probably the defining, one of the defining moments in my career because back then I went |
| 1:47.1 | through an apprenticeship, I stayed in Lugano, the south of Switzerland, and I did a master in banking. |
| 1:54.3 | And then I was hired by Citibank to be a trader for convertible bonds and options and so on. |
| 2:01.6 | And I did it for 18 months, and that I got the famous offer you can't refuse from Merlinch, |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Norges Bank Investment Management, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Norges Bank Investment Management and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.