UBS’s Swiss Capital Fight Threatens Ermotti’s Swift Victory Lap

Sergio Ermotti should have been on the home stretch. Having returned to take charge of UBS Group AG in 2023, the executive is steering his firm through one of the biggest bank integrations in recent history after its rescue of Credit Suisse.

Yet victory is not quite in sight. The ultimate outcome of a stand-off with the Swiss government over the enlarged bank’s capital requirements is years away.

That’s putting the matter of who will take over from Ermotti — and when — in a new light. Both the bank and the CEO have guided that he’ll step down at ...