UBS Group gave the boot to its Chief Executive Peter Wuffli today, announcing that the bank has promoted deputy CEO Marcel Rohner to take his place.
The executive changes follow the May closure of its hedge fund Dillon Read Capital Management, after the investment bank suffered a $124 million loss in the subprime mortgage market, according to press reports.
In other changes, Raoul Weil succeeded Rohner as chairman and CEO of Global Wealth Management & Business Banking. Weil headed Wealth Management International since 2002, and joined the group executive board in 2005, according to a company statement.
