Troubled Swiss banking giant UBS replaced its chief executive, appointing Oswald J. Gruebel -- former head of crosstown rival Credit Suisse Group -- to take over immediately.
Gruebel's experience in leading Credit Suisse through a turnaround before he left the company two years ago will prove invaluable, UBS said. He replaces Marcel Rohner, who has resigned.
UBS has had massive losses related to the U.S. subprime mortgage crisis. The bank is also facing legal pressures in the United States over allegations that it has helped wealthy Americans evade U.S. taxes.