Daily Archives: July 1, 2011

Claire Jones

The news that Axel Weber is to take on the chairmanship of a big European bank will shock few. Since withdrawing from the race for ECB president, he has been one of the favourites to succeed Josef Ackermann at Deutsche Bank. Only the choice of bank – UBS – surprises.

One can see the appeal of such a move. Mr Weber’s salary at UBS will dwarf what he was paid at the Bundesbank. And what he could have expected had he had been named ECB president. Read more

Ralph Atkins

So, the rumours were right. Axel Weber, the former Bundesbank president, has made the jump to the private sector – although to UBS rather than Deutsche Bank as had been expected.

He will not be the only former central banker on UBS’s board of directors. Joseph Yam was previously chief executive of the Hong Kong monetary authority. But the speed of his switch to the private sector may raise eyebrows. Mr Weber only stepped down as Bundesbank president at the end of April. Read more