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
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UBS posts record loss, cuts 1,600 jobs
Switzerland’s biggest bank UBS on Tuesday posted a worse than expected loss of nearly $17 million — the largest ever by a Swiss group — and announced 1,600 new job cuts.