Sergio Ermotti, who became interim CEO of UBS on Sept. 24 when Oswald Grubel stepped down, will take up the position permanently, the firm announced Tuesday.
Ermotti said Tuesday that the bank's new strategy will focus more closely on the firms' wealth management business going forward. “A focused, less complex and less capital-intensive Investment Bank and our asset management business are also key elements for growing our wealth management franchise,” he said in a press release. “To credibly serve the needs of our core wealth management clients, these businesses must each be strong and successful in meeting the needs of their corporate, sovereign, and institutional clients.”
Grubel resigned over a $2.3 billion loss caused by rogue trader Kewku Adoboli.