UBS CEO wants job confirmed by December: report

30th October 2011, Comments 0 comments

UBS interim chief executive Sergio Ermotti wants to know by December 15 if he will get the post on a permanent basis or will otherwise leave the company, Swiss newspaper Der Sonntag said Sunday.

Sergio Ermotto was called on in September to replace Oswald Grubel, who quit suddenly in the wake of a massive fraud perpetrated by 31-year-old UBS trader Kweku Adoboli.

According to an unnamed source from within the bank quoted by the paper, if the board does not choose its new chief executive by December 15, this would mean the UBS was looking outside the company to fill the post.

On Tuesday UBS posted third-quarter net profit of 1.018 billion francs (831 million euros, $1.16 billion) even though it had to take a massive charge due to the rogue trading scandal.

The German central bank meanwhile cleared the way for its former chief Axel Weber to act as an advisor for UBS and help it find a new chief executive.

Weber will then join UBS's supervisory board in May and the bank hopes to appoint him as supervisory board chief in 2013.

© 2011 AFP

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