UBS replaces CEO in sudden move
In a shock move, UBS announced its third new chief executive in two years. The troubled Swiss Bank has taken Oswald Gurbel, former head of arch rival Credit Suisse as its new chief executive, replacing Marcel Rohner,
By Sudeshna Sen, ET Bureau |
In a shock move, UBS announced its third new chief executive in two years. The troubled Swiss Bank has taken Oswald Gurbel, former head of arch rival Credit Suisse as its new chief executive, replacing Marcel Rohner,
who took over in 2007. The move is seen as an attempt to regain credibility, because while Mr Rohner has not been directly involved in the row over UBS American private banking clients, he was in charge of private banking during the time. UBS is currently embroiled in a spiraling dispute with US tax authorities over charges that its private bankers helped American clients evade US taxes.
Mr Gruber, a career banker, quit Credit Suisse about 2 years ago.
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