NEW YORK (

TheStreet

) --

UBS

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has begun the search for a new CEO after Oswald Gruebel resigned last week and may be looking to tap former

JPMorgan Chase

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investment banking co-chief Bill Winters, the

Wall Street Journal

reported.

The investment bank has appointed international head hunting firm Egon Zehnder International to help it find a candidate, the newspaper reported citing a source familiar with the matter.

The newly appointed CEO would have the unenviable task of steering the bank after it has suffered a series of setbacks since the crisis, the latest of them being a $2.3 billion loss from unauthorized trades by a 31-year old trader Kweku Adoboli. The lapse in risk management has increased regulatory pressure on UBS to shrink its investment banking business.

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Winters ran JPMorgan's investment banking unit along with Steve Black for five years , before being abruptly ousted by the company in 2009 amid a management shuffle that promoted Jes Staley to the head of investment banking.

In 2010, he was named to the U.K.'s Independent Commission on Banking, where he was tasked with analyzing the structure of the British banking system and determining whether it benefits customers and taxpayers.

Earlier this year, he started an asset management company and advisory firm called Renshaw Bay, with the help of funding from Jacob Rothschild's RIT Partners. Winters said at the time that his firm will focus on "risk management and alignment between investors and investment managers."

--Written by Shanthi Bharatwaj in New York

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