July 1 - Swiss bank UBS has named former German Bundesbank President Axel Weber as its future Chairman, surprising some analysts who expected him to succeed Joseph Ackermann at Deutsche Bank. Joanna Partridge reports.
Former President of Germany's Bundesbank Axel Weber, looks set to become the next Chairman of UBS. The Swiss bank, which is Europe's largest wealth manager in terms of assets, said Weber would be nominated to the board at its annual general meeting in May 2012. If elected, he would become chairman the following year, where he would earn an annual base salary of 2 million Swiss francs, or 2.4 million dollars. The news slighly boosted UBS's stock even if neither the markets nor the traders at the Frankfurt stock exchange were expecting it. SOUNDBITE: Oliver Roth, Close Brothers Seydler, saying (English): "That Axel Weber is going to UBS, is a big, big surprise. Everybody expected to be one day the successor of Josef Ackermann at Deutsche Bank and for Josef Ackermann it's a defeat because he has to go on now with the search for a successor." Over the past few months, there has been much speculation about where Weber would go next. Many expected him to succeed Jean-Cla ude Trichet as President of the European Central Bank. But when he dramatically left the Bundesbank in February, he left Germany without a candidate for the ECB top job. Analysts say his surprise move now leaves Deutsche Bank, Germany's flagship lender, to start a new search for its future chairman. Joanna Partridge, Reuters