Europe's recovery this year will not be straightforward, according to Axel Weber, the chairman of UBS, who warned against complacency in the euro zone with banking stress tests and anti-EU sentiment waiting to derail modest growth.
UBS urged global regulators to be clearer on how they will rein in risk-taking in traditional banking business, as opposed to investment banking, saying that failure to do so could jeopardise growth.
UBS chairman Axel Weber has hinted he may not stay at the Swiss bank as long as originally expected, in a newspaper interview linking his future with the lender's ability to meet stricter regulation as well as to restructure by end-2015.
UBS Chairman Axel Weber said the bank is 'on the right path' with its plan to reduce debt trading and focus on wealth management to boost profitability.
UBS AG Chairman Axel Weber discusses Europe's economy, global central bank monetary policy and UBS's fixed-income and investment-banking strategies.
Swiss newspaper Neue Zuercher Zeitung has reported that UBS is now aiming to appoint a new Group CEO ahead of its investor day on November 17th.
Deutsche Bank CEO Josef Ackermann is said to be furious that Clemens Borsig, the bank's supervisory board chairman and the person tasked with leading the charge to find Ackermann's successor, didn't move quick enough to find something appealing enough to entice over Axel Weber, former President of the Bundesbank.
Zurich / Basel - The Board of Directors of UBS AG will nominate Axel Weber for election to the Board at the Annual General Meeting on 3 May 2012.
UBS AG, Switzerland’s largest bank, said former Bundesbank President Axel Weber will be nominated to the board of directors at the company's annual general meeting on May 3, 2012.