Bundesbank clears way for former head to work for UBS
The German central bank has cleared the way for its former chief Axel Weber to act as an advisor to troubled Swiss banking giant UBS and help it find a new chief executive, sources revealed Wednesday.
Former board members of the mighty Bundesbank are contractually obliged to have any subsequent consultancy work or employment in the banking sector cleared by their former employer first in order to avoid a possible conflict of interests.
Sources close to the German central bank said that 54-year-old Weber -- who stepped down as Bundesbank president and European Central Bank governing council member earlier this year -- has now been given the go-ahead to act as an advisor to UBS from February.
He is to help UBS find a permanent replacement for departed CEO Oswald Gruebel, who resigned on September 24 in the wake of a 1.7-billion-euro ($2.4-billion) rogue trading scandal.
Weber will then join UBS's supervisory board in May and the Swiss bank hopes to appoint him as supervisory board chief in 2013.
© 2011 AFP