SWITZERLAND - UBS group chief executive Marcel Rohner has resigned and has been replaced by Oswald Grübel.
Grübel joins UBS after almost 40 years at Credit Suisse - where he held various management positions both on Group level and in the investment banking and private banking areas. From 2003 until spring 2007, he was Co-CEO and CEO of Credit Suisse.
He said: "I am convinced that the Swiss financial centre requires the presence of more than one big global bank.
"Together with our 77,000 dedicated employees, I will do all I can to bring UBS back on a profitable, successful track."
The announcement comes after a series of events that have caused severe damage to the bank.
Earlier, this month pension funds, including the US Teamsters Union fund, Denmark's ATP and the Tyneside pension fund joined a class action case against UBS alleging fraud (www.globalpensions.com: 06/02/09).
The complaint - filed in the US District Court of the Southern District of New York - alleged UBS and subsidiaries tried to conceal "massive exposure to and losses in subprime mortgage-backed securities", overstated the value of auction rate securities and assisted "wealthy US taxpayers in evading US income taxes".
The plaintiffs alleged these actions had the effect of artificially inflating UBS's share price on US and foreign markets with the resultant effect of causing the stock price to "plunge" after writing down more than $38bn in mortgage backed securities and nearly $1bn in overvalued ARS, leading to substantial losses for investors.
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