UBS to Name Ermotti Permanent CEO, Announce Job Cuts, T-A Says

UBS AG (UBSN) plans to name Sergio Ermotti its permanent chief executive before the company’s investors’ day on Nov. 17, the Tages-Anzeiger newspaper reported, citing unidentified people familiar with the matter.

The board “has made up its mind,” and the current search by Egon Zehnder is “only an expensive formality,” the Swiss newspaper cited one of the people as saying.

The Zurich-based bank plans to announce at least 1,500 job cuts at the investor day, the paper reported, while the bank’s fixed-income unit will be “massively reduced.”

UBS spokesman Dominique Gerster today declined to comment on the article when contacted by Bloomberg News.

To contact the reporter on this story: Matthias Wabl in Zurich at mwabl@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net

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