Orcel left the bank in September, when he accepted an offer to become chief executive officer of Banco Santander SA. That offer was later rescinded in a dispute over pay.
Ermotti is struggling to persuade investors that he can build out UBS’s leadership in European banking. The stock lost 32 percent of its value last year despite positive financial results, leading the board of directors to express its disappointment in the share price in the bank’s annual report last week.
This article was provided by Bloomberg News.