UBS Group AG is in preliminary discussions with Christian Meissner, former head of corporate and investment banking at Bank of America Corp., to bring him on as a potential successor to Sergio Ermotti, current group CEO of the Swiss bank, according to Bloomberg News, which cited people familiar with the talks.
Bloomberg reported that the discussions have focused on Meissner joining UBS in a senior position so that he could potentially eventually become CEO. These sources told the news outlet that UBS is considering other executives, as well, and that it has not yet decided.
Incumbent CEO Ermotti recently told investors that the company was working on a succession plan. Also, UBS was reportedly reviewing succession for certain board members, along with considering "strengthening the executive board," Bloomberg reported.
According to the report, Chairman Axel Weber told newspaper Tages-Anzeiger that he would like to stay in his role until at least 2022.