Swiss bank UBS says that interim Chief Executive Sergio Ermotti is to drop his business responsibilities with other companies.
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swissinfo.ch and agencies
In a statement, it rejected as “damaging” and “untrue” media reports about Ermotti’s private board membership mandates, saying it had in fact approved them.
Ermotti has been in office for almost a week following the departure of former CEO Oswald Grübel after UBS investment bank lost $2.3 billion (SFr2 billion) in alleged rogue trading.
“In his new role as the CEO of UBS, which requires his full attention, Sergio Ermotti will hand over all of his private mandates in a quick but orderly manner,” UBS said on Thursday evening, according to Reuters.
Several Swiss newspapers had reported in the past week on Ermotti’s business dealings apart from UBS. The banker from Italian-speaking Ticino has pursued various business interests in Lugano, including as president of Lugano-based Darwin Airlines. He was also a co-owner of a chain of luxury hotels.
Ermotti is tipped as a strong candidate to take over as CEO of UBS permanently.
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Analytical and charming: the new UBS chief
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The interim appointment crowns a stellar career for the investment banker and many observers believe he will be given the job of leading 65,000 employees on a permanent basis. But who is Sergio Ermotti? “I have the feeling that I have come home,” said Ermotti when he joined UBS in April of this year as…
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Ermotti, who previously served as the bank’s head of the European business, was named to replace Oswald Grübel, who resigned on Saturday morning. The question is whether he can get the troubled bank back on track. Grübel resigned after a rogue trader in London cost the bank $2.3 billion (SFr2.09 billion) in losses, the latest…
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Grübel had been under pressure since it became known on September 15 that a London-based UBS investment bank trader had lost the bank $2.3 billion (SFr2.09 billion). “The board regrets Oswald Grübel’s decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorised trading incident,” said UBS chairman, Kaspar Villiger,…
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Over the past few years, UBS has garnered a lot of negative press. Extraordinary general assemblies and public protests have been occuring with increasing frequency.
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.