UBS Replaces CEO - TheStreet

UBS Replaces CEO

The Swiss banking giant replaces Peter Wuffli with Marcel Rohner.
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(UBS) - Get Report

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

Bear Stearns


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.