Shares of Swiss bank
UBS(UBS) rose about 4% Monday after the company appointed Sergio Ermotti as interim CEO after a $2.3 billion rogue trading loss forced the resignation of Oswald Gruebel over the weekend.
Ermotti joined UBS in April as head of UBS Europe, Middle East and Africa.
Swiss newspapers Monday suggested Ermotti was the favorite to win the CEO job on a permanent basis.
The UBS board on Saturday said it would continue its internal and external searches for a permanent CEO. Before the rogue-trading scandal , there was speculation that UBS was grooming Ermotti to succeed Gruebel.
"Ermotti is not the most risk averse -- he used to make some big trades (at Merrill Lynch.) But he does know how to manage risk," said a Geneva-based investment adviser who has worked with Ermotti,
Reuters reported. "He has the experience and he's motivated."
Ermotti worked at
Merrill Lynch for 16 years before joining Italy's
UniCredit in 2005.
-- Written by Joseph Woelfel
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