has replaced CEO Peter Wuffli with Deputy CEO Marcel Rohner, the company said in a release issued late Thursday.
A call to a UBS spokesman was not immediately returned.
The change at the top for the Swiss banking giant comes on the heels of some bad publicity and a bit of a talent drain.
UBS' affiliate hedge fund Dillon Read shut down on poor subprime bets, similar to what a pair of
hedge funds are facing. The company also has faced the departure of a number of high-profile executives in its merger and acquisition business, which it has been trying to build up.
Rainmaker Ken Moelis left to start his own shop; Jeff McDermott joined a distressed-investment firm being launched by billionaire Michael Heisley.