Ermotti was appointed the interim CEO in September after Oswald Gruebel resigned taking the responsibility of the US$2 billion-rogue trading scandal.

The local Swiss the SonntagsZeitung paper said the announcement will be made when UBS holds its investor day. It is also been speculated that major overhauling will be effected as Ermotti is keen to focus on its core wealth management business.

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Prior to the appointment as the interim CEO, Ermotti was the chairman and CEO of UBS Group Europe, Middle East and Africa and became a member of the GEB in April 2011.

He started his career with Merrill Lynch in 1987, holding various positions in equity derivatives and capital markets and has worked with UniCredit Group where he was the deputy chief executive officer before joining UBS in 2011.

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