Shares in embattled UBS rally as CEO quits

Shares in Switzerland’s biggest bank UBS rallied on Thursday as Marcel Rohner announced his resignation, just weeks after announcing losses of nearly $17 billion — the largest ever by a Swiss group. Rohner is replaced by Oswald Gruebel, who served as CEO of rival Credit Suisse from 2003 until 2007. “With his previous employer Credit Suisse, Mr