Severely damaged Swiss bank UBS today turned to the country’s political establishment to help secure its battle for survival by choosing a former president to replace Peter Kurer as chairman.
From the Guardian:
Severely damaged Swiss bank UBS today turned to the country’s political establishment to help secure its battle for survival by choosing a former president to replace Peter Kurer as chairman.
UBS announced today that Kurer is stepping down after less than a year as chairman – a time in which UBS posted the biggest loss in Swiss corporate history.
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Kaspar Villiger, twice Swiss president for 12 months and ex-finance minister, will join forces with new chief executive Oswald Grübel in spearheading the bank’s and the country’s drive to remain a leading global financial centre – and protect its banking secrecy.
Villiger, appointed just a week after Grübel replaced Marcel Rohner, is a 68-year-old who has recently served on the boards of Swiss Re and Nestlé as well as of the country’s leading newspaper, the NZZ. Both new leaders are venerable stalwarts of the Swiss financial community, with Grübel serving at rival Credit Suisse for 40 years.
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