Catherine's Feed
Sep 24, 2011

Suave UBS interim CEO a contrast to gruff Gruebel

ZURICH (Reuters) – Sergio Ermotti will have to use all his legendary charm as well as steely determination to prove himself a worthy permanent successor at the helm of UBS to Oswald Gruebel, who resigned following a $2.3 billion trading scandal.

The UBS board of directors on Saturday accepted the resignation of German-born Chief Executive Gruebel, 67, and appointed Ermotti, who hails from Switzerland’s Italian-speaking region of Ticino, with on an interim basis.

Sep 24, 2011

UBS CEO quits, board wants faster restructuring

ZURICH, Sept 24 (Reuters) – Oswald Gruebel resigned on
Saturday as chief executive of troubled Swiss bank UBS
, saying he took the blame for the $2.3 billion
loss run up in alleged rogue trading in its investment banking
division.

The bank, which said it would beef up risk controls under an
accelerated restructuring of that part of its business, named
its Europe, Middle East and Africa head Sergio Ermotti to
replace Gruebel on an interim basis.

Sep 24, 2011

UBS board weighs fate of investment bank, CEO

ZURICH, Sept 24 (Reuters) – The board of UBS
reconvened its meeting on Saturday to decide
the future of its scandal-hit investment bank and Chief
Executive Oswald Gruebel after the Swiss bank lost $2.3 billion
in alleged rogue trading.

The bank, which has lurched from crisis to crisis over the
past three years, is under pressure to downsize or fence off
risky trading activities in the investment bank and protect its
core business of managing private investors’ wealth.

Sep 20, 2011

Holcim says to stick to strategy with new CEO

ZURICH, Sept 20 (Reuters) – Holcim’s new chief
executive, a newcomer to the cement industry who has headed
stainless steel producer Aperam , will not steer a
different course from outgoing CEO Markus Akermann, the
cement-maker’s chairman said.

New CEO Bernard Fontana, 50, who once worked for steel maker
ArcelorMittal and since 2010 has headed its recently
spun off Aperam unit, will take up his post at the world’s
second-largest cement maker in February.

Sep 19, 2011

UBS starts probe into rogue trade loss

ZURICH (Reuters) – UBS kicked off an internal investigation into the catastrophic failure of its risk systems after rogue equity trades cost the Swiss bank $2.3 billion (1.4 billion pounds), raising the pressure on top management.

UBS said its board of directors had set up a committee chaired by independent director David Sidwell, former chief financial officer at Morgan Stanley, to conduct an independent investigation into the trades and the bank’s control systems.

Sep 19, 2011

UBS starts probe into $2.3 billion rogue trade loss

ZURICH (Reuters) – UBS kicked off an internal investigation into the catastrophic failure of its risk systems after rogue equity trades cost the Swiss bank $2.3 billion, raising the pressure on top management.

UBS said its board of directors had set up a committee chaired by independent director David Sidwell, former chief financial officer at Morgan Stanley, to conduct an independent investigation into the trades and the bank’s control systems.

Sep 14, 2011

SNB to reaffirm pledge to cap strong franc

ZURICH (Reuters) – The Swiss National Bank is likely to reaffirm its commitment to capping the strong franc and may announce further steps to prevent the currency from pushing the economy into recession.

Investors anxious about the escalating euro zone debt crisis and slowing growth in the United States have been flocking to the safe-haven franc, pushing it up some 20 percent against the euro within the space of a few months and heightening the risk of a recession.

Sep 8, 2011

SNB seen able to defend FX target – Reuters poll

ZURICH (Reuters) – The Swiss National Bank will prevent the Swiss franc from appreciating past 1.20 per euro and there is little risk of the exchange rate target pushing up inflation due to weak global growth, a Reuters poll found.

In a shock move earlier this week, the SNB said it would not tolerate an exchange rate below 1.20 francs per euro and would defend the target by buying other currencies.

Sep 6, 2011

Swiss draw line in the sand to weaken franc

ZURICH (Reuters) – The Swiss National Bank shocked foreign exchange markets by setting a minimum exchange rate target of 1.20 francs to the euro on Tuesday, knocking back a currency rally which has threatened its economy with recession.

Using some of the strongest language by a central bank in the modern era, the SNB said it would buy other currencies in unlimited quantities and use all means within its power to hold to the target.

Sep 2, 2011

Analysis: More global anxiety ups ante on SNB to cap franc

ZURICH/LONDON (Reuters) – A flare-up of the euro zone debt crisis and faltering global growth are piling pressure on the Swiss National Bank to take further steps to try to stop the Swiss franc from heading back toward parity with the euro.

After the SNB cut its interest rate target to zero on Aug 3 and began broadening the amount of cash in the market, the franc has gyrated. It touched a lifetime peak near parity with the euro on Aug 9 but then dropped 18 percent to a seven-week low.