The former president of Morgan Stanley is on the verge of being named as the next chair of UBS, according to reports.
Axel Weber, the current chair, is meeting the UBS board this weekend to discuss the appointment, according to Bloomberg, which first reported the news.
An official announcement of Colm Kelleher as the next chair of UBS is expected imminently, and as early as next week.
Weber will step down from the role next year, after 10 years of leading the bank.
The former head of the Swiss National Bank, Philipp Hildebrand, and ex-UniCredit chief executive officer Jean Pierre Mustier are among some of the other names previously linked to the search for Weber’s successor.
The news comes after the Swiss investment banking giant recorded its best quarterly profit for six years last month, driven by a sharp uptick in trading activity by the world’s ultra wealthy.
Net profits came in at $2.3bn in the three months to the end of September, beating analyst expectations of $1.5bn.
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