UBS Group AG Chief Executive Sergio Ermotti is stepping down and will be succeeded by current ING Groep NV boss Ralph Hamers, a person familiar with the matter said Wednesday, marking another leadership change at a major Swiss bank.

Mr. Ermotti has been UBS’s CEO since 2011 and was expected to announce his departure this year or next. He led UBS through a post-financial-crisis restructuring and repositioned it as a global wealth manager serving billionaires and entrepreneurs. Mr. Hamers, an ING veteran, has been that bank’s…

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