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UBS changes leadership and strategy

UBS, the world's second largest wealth management bank, named Sergio Ermotti group chief executive and announced that Alex Weber will succeed Kaspar Villiger as chairman of the board as of May 2012.

UBS, the world's second largest wealth management bank, named Sergio Ermotti group chief executive and announced that Alex Weber will succeed Kaspar Villiger as chairman of the board as of May 2012.

Ermotti was the bank’s acting chief executive since the end of September, after an unauthorized trading scandal prompted Oswald Gruebel to resign.

The Swiss bank also said that its board of directors confirmed the group’s new strategy, which will focus less on investment banking and more on the group’s wealth management business.

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