Weber supports me, says Ermotti

Swiss bank UBS’s strategy to slash risky assets by almost half and pay its first dividend since the financial crisis has the full backing of Axel Weber, its newly-crowned chief executive Sergio Ermotti said yesterday."Axel Weber is 100 per cent behind our strategy," Ermotti, who was named permanent chief executive last week, said. Ermotti took over as interim chief executive after Oswald Gruebel quit in September over the bank's $2.3bn rogue trading scandal. The relationship between Ermotti and Weber, who will be proposed chairman at the annual general meeting in May next year, will be closely scrutinised, as sources have said Weber was not entirely sold on Ermotti as chief and instigated a search for outside candidates.