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The bank says Oswald Gruebel is taking over immediately from Marcel Rohner who is resigning.
A UBS statement says Oswald Gruebel's broad experience in leading a turnaround of crosstown rival Credit Suisse will prove invaluable.
Gruebel retired from Credit Suisse after the restructuring two years ago.
UBS has suffered massive losses and is facing legal pressures in the United States over allegations it has helped wealthy Americans evade U.S. taxes.
UBS chairman Peter Kurer said in a statement Thursday that Rohner had told the bank's board in January of his intention to step down after restructuring moves.
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It"s K.K warning
Swiss Banks are the root cause of the corrupt practices going on all over the world. They are enjoying the money, kept in their banks by the corrupt politicians / govt servants / industralists / terrrorists etc. If at all these bamks are doing ethical business, what is the need of secrecy ? In order to come clear on the issue these banks should make public the account holders / their country of origin