UBS Chief Executive Gruebel Is Asked to Leave, Bilan Reports

UBS AG (UBSN) Chief Executive Officer Oswald Gruebel was asked to leave, Bilan magazine reported, citing an unidentified person close to the bank’s board of directors.

Geneva-based Bilan didn’t give any details on how it obtained the information and didn’t say who asked Gruebel to leave. Discussions at board level are under way concerning Gruebel’s successor, the magazine said in a pre-release of a story to be published in tomorrow’s edition.

A UBS spokesman declined to comment, Bilan said.

A spokesman for the Zurich-based bank declined to comment when contacted by Bloomberg News, saying he hadn’t read the Bilan story. He wouldn’t comment further.

To contact the reporters on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net

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