Weber to quit bank role

BUNDESBANK sources yesterday confirmed that governor Axel Weber told a private gathering that he will not seek another term in the same role.

However, his candidacy for governorship of the European Central Bank (ECB) remains in question, despite speculation he could also abandon his bid for the position. He was widely seen as the lead contender for the job before yesterday’s news.

A banking source said that Weber was “on the campaign trail” for the ECB presidency at the World Economic Forum two weeks ago. As City A.M. revealed last week, he used a private gathering at Davos to put forwards proposals for the creation of a public derivatives clearing house run by the ECB, seen by some as an effective campaign pledge.

The next ECB governor will be chosen by Eurozone ministers by October, when current president Jean-Claude Trichet is due to step down.