On the eve of its first investors’ meeting since the Kweku Adoboli affair, UBS has confirmed that Sergio Ermotti, the former UniCredit man who joined the Swiss bank in April, will be its new chief executive.

Ermotti has been performing the role on an interim basis since Oswald Grübel stepped down in late September, after the bank lost over $2bn from alleged unauthorised trading carried out by Adoboli.