Page last updated at 07:56 GMT, Thursday, 26 February 2009

UBS appoints new chief executive

The new chief executive officer of UBS, Oswald Gruebel
Oswald Gruebel led Credit Suisse between 2003 and 2007

Swiss bank UBS has appointed Oswald Gruebel, the former head of Credit Suisse, as its new chief executive.

Mr Gruebel will replace Marcel Rohner, who has overseen a difficult time at the company.

UBS has made more write-downs than any other European bank during the credit crisis and it has been criticised for its handling of a US tax fraud probe.

Mr Gruebel worked at Credit Suisse for 40 years and was co-chief executive and chief executive between 2003 and 2007.

UBS said Mr Rohner had informed the board in January he intended to retire after plans to reposition its investment bank had been concluded.

"Oswald Gruebel brings the ideal skill set to recreate value, together with our management team, for our shareholders and clients," said UBS chairman Peter Kurer in a statement.

Last week, UBS agreed to pay a $780m (549m) fine and disclose client names to settle US criminal charges in a tax fraud investigation. This sparked fears that privacy surrounding Switzerland's wealth management industry would be destroyed.

It also led to UBS's shares plummeting. The shares hit record lows of below 10 francs this week.

Speculation about a reshuffle in the higher echelons of at the bank have centred on Swiss National Bank board member Philipp Hildebrand and Fiat boss Sergio Marchionne.

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