By Simon Miller

Sergio Ermotti has been appointed UBS Group CEO with immediate effect, the Swiss bank announced this morning.

Ermotti has held the position on an interim basis since 24 September following the resignation of Oswald Gruebel in the wake of the £1.5bn rogue trader scandal.

In other changes, Kaspar Villiger is standing down board of directors chairman and former Bundesbank chairman Axel Weber has been proposed as successor.

The bank said it has now determined its future positioning and strategy which will centre on its wealth management business and its universal banking model in Switzerland. The plans will be presented at UBS's investor day in New York on 17 November.

Ermotti commented: "A focused, less complex and less capital-intensive Investment Bank and our asset management business are also key elements for growing our wealth management franchise. To credibly serve the needs of our core wealth management clients, these businesses must each be strong and successful in meeting the needs of their corporate, sovereign, and institutional clients."

Last month, UBS announced Q3 pre-tax profit CHF1bn (£0.7bn)despite the rogue trading loss and continued volatility in the global financial markets.

In addition, the bank’s BIS tier 1 ratio grew to 18.4% and its BIS tier 1 capital grew to CHF38.1bn.

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