UBS, the embattled Swiss bank, tried to make a clean break with its past mistakes in March when it appointed Kaspar Villiger, a former Swiss finance minister, as its next chairman. Villiger is joined by Ossie Grübel, the former chief executive of Credit Suisse, who has become the new chief executive.
And concerns about Swiss finance do not end at the banks. Credit Suisse chairman Walter Kielholz has been parachuted back into the top seat at troubled insurer Swiss Re.
The appointments of Villiger and Grübel, both safe pairs of hands and pillars of the Swiss establishment, indicate three things. First, UBS believes it has still not done enough to prevent outflows from its core...
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