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July 6, 2007

New chief executive for UBS

Permalink: New chief executive for UBS
by Kay Murchie

”New

UBS, the Swiss banking organisation has replaced chief executive Peter Wuffli. He has been replaced by the bank’s deputy chief executive Marcel Rohner.

This announcement comes after a difficult year for UBS following a fall in earnings and the closure of the hedge fund Dillion Read Capital Management which cost the bank $300 million. Collectively, this left their shares falling behind its rival, Credit Suisse.

UBS is a global financial services company, with its headquarters in Basel and Zürich, Switzerland. It is the world’s largest manager of Private Wealth assets and is also the second largest bank in Europe, by both market capitalisation and profitability.

UBS has a major presence in the U.S., with its American headquarters located in Manhattan (Investment Banking); Weehawken, New Jersey (Private Wealth); and Stamford, Connecticut (Capital Markets). UBS’s retail offices are located throughout the United States, and in over fifty other countries.



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