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UBS ends speculation over new CEO

Tuesday, November 15, 2011 - 01:03

Nov. 15 - UBS confirms its stand-in CEO Sergio Ermotti will become its permanent chief executive in an attempt to reassure investors following the Swiss bank's $2bln trading scandal. Sonia Legg reports.

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UBS has made Sergio Ermotti its permanent chief executive. The move was designed to reassure investors following the Swiss bank's $2 billion trading scandal. The 51-year-old was appointed interim CEO last September. He was chosen despite headhunters being appointed to find an alternative. The bank's board also brought forward the start date of former Bundesbank president Axel Weber. He'll become chairman in May a year earlier than planned. Ermotti's appointment ended speculation that Josef Ackerman would follow Weber to UBS. Deutsche Bank's current chief executive is Swiss and one of the world's most prominent financiers. Ackerman has also reportedly dropped his bid to become chairman of Deutsche's supervisory board after failing to win shareholder backing. He'll now quit Deutsche in May after almost a decade in charge. Ermotti's first task at UBS is to present a new strategy to investors on Thursday. He's expected to announce a curb on the investment bank. Sonia Legg, Reuters.

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UBS ends speculation over new CEO

Tuesday, November 15, 2011 - 01:03