Sergio Ermotti Probably Isn’t Enjoying His Promotion All That Much

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ITALY - OCTOBER 05:  Sergio Ermotti, deputy chief executive officer of UniCredit SpA, leaves after the extraordinary board meeting in Milan, Italy, on Sunday, Oct. 5, 2008. UniCredit SpA, Italy's biggest bank by assets, plans to boost capital by as much as 6.6 billion euros($9 billion) in an effort to calm investors' concerns about the strength of the lender's finances.  (Photo by Giuseppe Aresu/Bloomberg via Getty Images)
ITALY - OCTOBER 05: Sergio Ermotti, deputy chief executive officer of UniCredit SpA, leaves after the extraordinary board meeting in Milan, Italy, on Sunday, Oct. 5, 2008. UniCredit SpA, Italy's biggest bank by assets, plans to boost capital by as much as 6.6 billion euros($9 billion) in an effort to calm investors' concerns about the strength of the lender's finances. (Photo by Giuseppe Aresu/Bloomberg via Getty Images) Photo: Bloomberg

The 51-year-old Swiss banker was appointed as the temporary head of UBS after former chief executive Oswald Gruebel fell on his sword (with some pushing) and resigned following the $2.3 billion rogue trading loss that occurred under his watch. Ermotti is the leading candidate to get the top gig permanently, but it will be a complicated one. Even before the whole billions of dollars lost with no oversight, the bank was facing downsizing; insiders say Gruebel's unwillingness to do so actually had more to do with his swift exit than the rogue trading scandal. So that's one less person on the rolls.

Investors assess new UBS CEO, hope for fast revamp [Reuters]