Swiss bank UBS named Sergio Ermotti as its new chief executive, making permanent the 51-year-old Swiss banker’s appointment as a temporary successor to Oswald Gruebel, who left the bank in September after a $2 billion rogue trading scandal.

UBS said the board had also decided to propose former Bundesbank boss Axel Weber to succeed Kaspar Villiger as chairman at the annual general meeting in May.

It also said the board had decided on the bank’s future strategy, to be presented at an investor day in New York tomorrow.

“This strategy will be centered on our leading wealth management businesses and our position as the strongest universal bank in Switzerland,” Mr Ermotti said. – (Reuters)