UBS chairman to step down

UBS chairman Peter Kurer will not stand for re-election at the bank's next AGM on April 15.

This follows the departure of the bank's chief executive, Marcel Rohner, who was replaced by the former chief executive of Credit Suisse, Oswald Grubel.

"One year ago I accepted the position of chairman out of my sense of responsibility for the bank, its shareholders, clients, staff and the communities in which we work," said Kurer. "At that time, I announced we had to resolve numerous and challenging issue

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