UBS Chief Executive Officer Sergio Ermotti bought $13.1 million of shares in Switzerland’s largest bank shortly after its investor day.
A spokeswoman for the bank confirmed the purchase after Switzerland’s SIX Exchange reported Monday that an executive had bought 1 million shares on Oct. 26, the day after the event in London.
The industry rivals could still turn to FINRA arbitration to pursue their dispute over allegedly unwarranted data breach notices Ameriprise sent LPL customers.
Simon Randall is the CEO and co-founder of Pimloc, an AI company changing how global organizations can responsibly manage video content while maintaining public trust. Before Pimloc, he led the OMG Life team to develop and launch the world's first intelligent wearable camera and its associated technology platform licensing, before spinning out the visual classification side of the business to create Pimloc in 2017. He previously worked for a range of global businesses in London, Sydney and Istanbul, bringing with him a wealth of consumer tech experience including 12 successful years at Nokia across go-to-market, marketing, business strategy, insight and planning, global online sales, global performance marketing and product development areas. Prior to Nokia, he worked in a range of creative hot-houses and strategic consultancies across the beverages, banking and tech sectors.
Also this week, a Dynasty Financial firm picks up a $1.5B team from Morgan Stanley, Wells Fargo recruits from PNC Investments and UBS, and LPL draws from Osaic.
Management purchases are generally seen as a sign of confidence in a company and the news may buoy UBS after its shares dropped by about a quarter this year, in line with a wider banking-sector decline.
Ermotti last week rejiggered UBS’s key financial targets for the second time this year and outlined how the bank is seeking to win over American billionaires by boosting recruitment in the U.S. and expanding a push into Asia.
