The board of UBS accepted on Saturday the resignation of chief executive Oswald Gruebel after the Swiss bank lost $2.3 billion in alleged rogue trading and said it had appointed Sergio Ermotti to replace him for now.
Ermotti, a 51 year-old from Switzerland's Italian-speaking region of Ticino, joined UBS in April from UniCredit as head of Europe, Middle East and Africa. Before joining UniCredit in 2005, he worked at Merrill Lynch for 18 years.
The board said in a statement it had asked management to accelerate an overhaul of the investment bank already under way "concentrating on advisory, capital markets, and client flow and solutions businesses".
UBS's board meeting, one of four regular meetings per year, had originally been due to end on Friday ahead of the UBS-sponsored Singapore Formula One motor racing Grand Prix on Sunday, when executives will be trying to reassure big clients.
But deliberations continued on Saturday by conference call after the board left Singapore on Friday with some members headed back to Switzerland, sources told Reuters.