ZURICH (Reuters) - The new interim boss of UBS has been charged with reorganizing its investment bank, a task which will take two to three years to complete, its chairman said on Sunday, after CEO Oswald Gruebel quit over the $2.3 billion rogue trading scandal.
The UBS board on Saturday accepted the resignation of German-born chief executive Gruebel, 67, and appointed as his interim replacement Sergio Ermotti, who hails from Switzerland's Italian-speaking region of Ticino.
The board is looking at both internal and external candidates to fill the post permanently and Chairman Kaspar Villiger told a newspaper on Sunday ex-Bundesbank head Axel Weber has already been involved in the CEO selection process as an independent advisor.
via news.yahoo.com
