UBS eyes former JPMorgan exec as CEO: Report
UBS has begun the search for a new CEO after Oswald Gruebel resigned last week and may be looking to tap former JPMorgan Chase investment banking co-chief Bill Winters, the Wall Street Journal reported. The investment bank has appointed international head hunting firm Egon Zehnder International to help it find a candidate, the newspaper reported citing a source familiar with the matter. The newly appointed CEO would have the unenviable task of steering the bank after it has suffered a series of setbacks since the crisis, the latest of them being a $2.3 billion loss from unauthorized trades by a 31-year old trader Kweku Adoboli. The lapse in risk management has increased regulatory pressure on UBS to shrink its investment banking business.