Axel Weber 'to have say over new UBS chief executive'

UBS Chairman-designate Axel Weber has signed a contract allowing him to advise on who will become the crisis-shaken bank's new permanent chief executive,it was reported today.

Swiss newspaper Tages-Anzeiger reported Weber requested and signed a contract to act as an adviser on the succession of Oswald Gruebel who stepped down over a $2.3 billion trading loss.

Sergio Ermotti, who joined UBS in April, is acting as CEO on an interim basis.

"UBS confirmed he (Weber) has obtained the contract," Tages-Anzeiger said. UBS was not immediately available to comment.

Sources said last week that former Bundesbank chief Weber had asked the German central bank if he could join UBS earlier than planned.

Tages-Anzeiger also reported Ermotti was not Weber's favourite for the CEO position. "He would prefer Hugo Baenziger, current risk chief of Deutsche Bank," the newspaper said without naming its sources.