UBS, the world's largest wealth manager, is getting a new CEO

UBS, the world's largest wealth manager, has announced that Sergio Ermotti is stepping down as CEO. He'll be replaced by Ralph Hamers, the current chief executive of Dutch bank ING.

Axel Weber, the chairman at UBS, said in a statement that Hamers "is the right CEO to lead our business into its next chapter." Hamers will take up the post on November 1.

Both of Switzerland's top banks have announced a change in leadership this month.

Credit Suisse CEO Tidjane Thiam resigned earlier this month after acknowledging that two spying scandals last year had "disturbed" the firm. He's been replaced by company veteran Thomas Gottstein.

Change at UBS

Ermotti became chief executive of UBS in 2011 in the aftermath of a rogue trader scandal that cost it $2 billion.

He oversaw efforts to beef up the bank's wealth management business amid continued weakness at its investment banking division. Asia has been a particular focus.

In 2018, UBS became the first foreign bank to be allowed to take control of its business in China. It received approval from regulators to increase its stake in a joint venture there to 51%.

And last year, UBS launched an alliance with Japan's Sumitomo Mitsui Trust to create a one-stop shop for asset management products and services.

— Michelle Toh contributed to this report.