UBS Names Former Credit Suisse Chief Gruebel as CEO
UBS AG, Switzerland’s largest bank, hired former Credit Suisse Group AG Chief Executive Officer Oswald Gruebel as its CEO to restore investor confidence eroded by record losses and a U.S. legal battle.
Gruebel replaces Marcel Rohner, who is leaving the company immediately, Zurich-based UBS said in a statement today.
“Surprising, yes, but he comes with an impressive track record,” said Andreas Weese, an analyst at UniCredit SpA in Munich who has a “hold” rating on UBS. “This should calm some investors nerves.”
German-born Gruebel, who returned Credit Suisse to profit after two years of losses at the start of the decade then retired in 2007, is UBS’s third CEO in less than two years. UBS has been plagued by more than $50 billion in writedowns from the global financial crisis, as well as a U.S. probe into whether it helped wealthy Americans evade taxes.
The bank posted the biggest ever loss by a Swiss company earlier this year and is being sued by the U.S. to force the disclosure of as many as 52,000 client names.
“I am convinced that the Swiss financial center requires the presence of more than one big global bank,” Gruebel, 65, said in the statement. “Together with our 77,000 dedicated employees, I will do all I can to bring UBS back on a profitable, successful track.”
This article was originally posted on Bloomberg