News Flash - UBS Chief Resigns

UBS Chief Rohner has tendered his resignation and will be replaced by Credit Suisse CEO Oswald Gruebel with immediate effect, the bank announced today.

UBS has lost billions of dollars in the financial crisis and is also presently facing a legal dispute with U.S. over tax evasion probe on UBS’s americans account holders. UBS annual loss in year 2008 stands at about US$17 billion dollars, the largest full-year loss in Swiss corporate history. Loss could be further extended with the worsening of the Eastern European countries economy.