The SonntagsZeitung newspaper, citing an unnamed source, said that the board of directors of the wealth management/investment bank UBS is planning on appointing Sergio Ermotti as the permanent chief executive officer at the opening of a long-looked-forward-to investor meeting this coming Thursday.

The Swiss paper wrote that the appointment will be made at the meeting during a telephone conference in order to give Ermotti the chance to present the latest business strategy for the bank in New York in the capacity as permanent CEO.

The new strategy which SonntagsZeitung described and which is expected to be announced by Ermotti is a scaling back of its investment bank activities in order to focus greater efforts on its core wealth management business.

UBS did not offer to comment on the report.