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 ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
