Axel Weber, the former Bundesbank chief, has asked the German Central Bank if he can join UBS earlier than planned.
This is being considered as a sign that the chairman-designate wants to exert his grip on the bank following a trading scandal.
From in.finance.yahoo.com:
Weber has been involved in every large strategic decision ever since major Swiss banking giant UBS was hit by a $2.3 billion loss caused by unauthorized trading, one of the sources told Reuters.
Weber is not set to become chairman of UBS until 2013, thanks to central bank rules that impose a ‘cooling off period’ on former officials. His request was made informally, the sources said.
“Although the new CEO will no doubt take some time to develop a restructuring plan, we believe that hopes of a much more substantial downsizing of the investment bank, freeing up significant capital, will help support the shares in the short term,” said Nomura analyst Jon Peace.
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