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