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UBS Picks New CEO

Swiss bank UBS, under pressure for write-downs and alleged improprieties about U.S. tax evasion, has tapped the former CEO of rival Credit Suisse Group to replace outgoing CEO Marcel Rohner. Oswald Grübel, 65, retired from Credit Suisse last year but is back to help UBS rebound amid the global recession and after settling a $780 million deal with the Justice Department over tax evasion charges. "I will do all I can to bring UBS back on a profitable, successful track," Grübel said.