UBS Group AG Chief Executive Sergio Ermotti is stepping down and will be succeeded by current ING Groep NV boss Ralph Hamers, in the latest leadership change at a major European bank.
The Swiss bank, the countrys largest by assets, said Mr. Hamers will join its board in September and become CEO on Nov. 1. Mr. Ermotti, 59 years old, has been UBSs chief executive since 2011 and was expected to announce his departure this year or next.