UBS has hired Oswald Gruebel, former head of Credit Suisse, as its new chief executive.
Gruebel will take over from current chief executive, Marcel Rohner, following a year in which UBS has made multi-billion dollar writedowns.
Rohner informed the board of his retirement in January after a disastrous year for the bank, which had made more writedowns on bad loans than any other organisation.
UBS shares hit record lows of just 10 Swiss francs this week after the firm was forced to pay $780m in fines and reveal client names to settle a US tax fraud investigation.
Gruebel had worked at Credit Suisse for 40 years, acting as co-chief executive and chief executive between 2003 and 2007.
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