Sergio Ermotti to Be Appointed Permanent UBS CEO: Report

Interim CEO Sergio Ermotti will be appointed permanent CEO of Swiss bank UBS ahead of the bank's investor day on Nov. 17, a Swiss newspaper reported, citing unnamed sources close to the matter.

Daily Tages-Anzeiger reported Saturday that Ermotti, who was appointed interim CEO when Oswald Gruebel stepped down after a rogue-trading scandal came to light in September, urged the board of directors to decide on the permanent succession quickly.

"[The board members] have made up their minds, the contract with Egon Zehnder is at present only an expensive alibi," Tages-Anzeiger quoted an insider as saying.

The UBS board had appointed search firm Egon Zehnder to find a permanent successor within six months.

A UBS spokesman declined comment on the matter.

When UBS holds its investor day on Nov. 17, it is expected to give further details on how it plans to overhaul the investment bank.

Tages-Anzeiger reported at least 1,500 jobs would be slashed at UBS. Job cuts would follow on the heels of the layoffs at rival Credit Suisse announced this week.

(Reporting by Silke Koltrowitz; Editing by Susan Fenton)