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UBS Will Name Ermotti as Permament Chief, SonntagsZeitung Says

UBS AG (UBSN)’s board will appoint Sergio Ermotti as permanent chief executive officer of the Swiss bank “shortly before” an investor day in New York on Nov. 17, SonntagsZeitung reported, citing an unidentified person.

Ermotti, now the bank’s interim CEO, will present a plan for a gradual reduction of UBS’s investment banking operations at the gathering, the newspaper said. A spokesman at UBS couldn’t be immediately reached for comment.

To contact the reporter on this story: Dermot Doherty in Geneva at ddoherty9@bloomberg.net

To contact the editor responsible for this story: Sara Marley at smarley1@bloomberg.net

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