UBS Chairman Declares His Work At Bank Mission Basically Accomplished

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UBS chairman Axel Weber has hinted he may not stay at the Swiss bank as long as originally expected, in a newspaper interview linking his future with the lender's ability to meet stricter regulation as well as to restructure by end-2015. "My work here is done when the bank is prepared for the new regulatory requirements and we have successfully implemented our strategy," Weber told German weekly Die Zeit, in an advance print made available on Wednesday. The Swiss bank aims to hit higher capital requirements by the end of 2014, and said two years ago it plans to fire 10,000 staff and largely wind down its fixed income business by 2015. Weber's comments represent a subtle shift for the 56-year-old former head of Germany's central bank, who responded to criticism of his 4 million Swiss franc ($4.50 million) signing-on fee in 2012 in part by saying he was looking to stay with UBS roughly 10 years. [Reuters]

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UBS Chairman: Other Banks Will Have To Fire Thousands Of Employees Too, Y'Know

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