Updated from 1:18 a.m. EST
Swiss banking giant
named Oswald Gruebel as its new group CEO, succeeding Marcel Rohner who has resigned.
Gruebel served as co-CEO and CEO of rival
from 2003 until 2007.
"With his indisputable leadership qualities, combined with his extensive expertise, Oswald Gruebel brings the ideal skill set to recreate value, together with our management team, for our shareholders and clients," said Chairman Peter Kurer in a statement Thursday.
Rohner informed the board of his intention to resign in early January 2009.
The change at Switzerland's biggest bank comes about as it was reported earlier this week that net withdrawals at UBS reached 226 billion francs ($193 billion) in 2008, compared with inflows of 140.6 billion francs the previous year. The bank posted a full-year loss of 19.7 billion francs earlier in February, the biggest in Swiss corporate history.
The bank also is involved in a dispute with U.S. tax collectors as they have slapped the Swiss-based banking giant with a lawsuit seeking the identities of tens of thousands of clients who kept billions of dollars in assets at the bank to dodge the IRS.
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