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UBS’s Sergio Ermotti Was Third-Choice Interim Chief, SZ Says

UBS AG Chief Executive Officer Sergio Ermotti was the third-choice candidate to take interim leadership of the bank, SonntagsZeitung reported, citing several unidentified people inside and outside UBS.

At a meeting in Singapore in September, the bank’s board first asked Oswald Gruebel, the departing chief, to stay, before approaching Ulrich Koerner, now Ermotti’s number two, the Swiss newspaper reported.

Koerner refused the interim role because he saw it as weakening his chances for the permanent job, later awarded to Ermotti, the report said.

UBS spokesman Dominique Gerster declined to comment when called by Bloomberg News.

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