Sergio Ermotti has been confirmed as UBS’s
chief executive after serving in an interim capacity for the past
He will be charged with restructuring the
Swiss giant’s investment banking division to better serve its
private banking arm.
UBS also said its chairman of the board of
directors Kaspar Villiger will not stand for re-election to the
board at the annual general meeting in May 2012.
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Axel Weber, who was nominated to be vice
chairman of the board, is now proposed to succeed Villiger as
Active expansion globally
Meanwhile, UBS Wealth Management has expanded
its operations in Mexico, hiring three experienced bankers.
Enrique Ignacio Morales Abiega, Jaime Lopez
Hidalgo Preciado and Gabriel Gomez Zaragoza will act as personal
consultants for bank customers.
Jaime Preciado Lopez Hidalgo will also lead
the Guadalajara metropolitan region, while Gabriel Gomez Zaragoza
will assume responsibility for Monterrey.
All three will report to Nicholas Troillet,
director of UBS Wealth Management in Mexico.