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UBS confirms Ermotti as CEO

Swiss bank UBS on Tuesday confirmed that interim boss, the Swiss Sergio Ermotti, would be appointed permanently to the position of CEO.

It also named former German Federal Bank president Axel Weber as its chairman from next May, replacing Kaspar Villiger, one year earlier than planned.

The appointments fill a leadership vacuum after former CEO Oswald Gruebel quit the Swiss bank in September following a $2 billion (SFr1.82 billion) rogue trading scandal. 

“The nomination of Mr Weber as chairman of the board and the appointment of Mr Ermotti as group CEO will bring essential stability and clarity to UBS,” Villiger said in a statement. 

UBS said its current board had also backed the bank’s strategy which will be detailed on Thursday at an annual investor event in New York. 

Ermotti, who joined UBS in April, said in the communiqué that the strategy would be centred on its wealth management businesses and the bank’s “position as the strongest universal bank in Switzerland”.

“A focused, less complex and less capital-intensive Investment Bank and our asset management business are also key elements for growing our wealth management franchise,”  he said

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR