November 5, 2011 / 9:49 AM / 7 years ago

Ermotti to be appointed permanent UBS CEO: report

ZURICH (Reuters) - Interim CEO Sergio Ermotti will be appointed permanent chief executive of Swiss bank UBS UBSN.VX ahead of the bank’s investor day on November 17, a Swiss newspaper reported, citing unnamed sources close to the matter.

Daily Tages-Anzeiger said on Saturday that Ermotti, who was appointed CEO ad interim when Oswald Gruebel stepped down following a rogue trading scandal in September, urged the board of directors to decide on the permanent succession quickly.

“(The board members) have made up their minds, the contract with Egon Zehnder is at present only an expensive alibi,” Tages-Anzeiger quoted an “insider” as saying.

The UBS board had appointed search firm Egon Zehnder to find a permanent successor within six months.

A UBS spokesman declined comment on the matter.

UBS holds an investor day on November 17, when it is expected to give further details on how it plans to overhaul the investment bank.

Tages-Anzeiger reported at least 1,500 jobs would be slashed at UBS. Job cuts would follow on the heels of lay-offs at rival Credit Suisse CSGN.VX announced this week.

Reporting by Silke Koltrowitz; Editing by Susan Fenton

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