It is stunning that UBS has been forced to appoint an outsider in the shape of Oswald Grübel, who stepped down as Credit Suisse chief executive as recently as May 2007, in the absence of a suitable internal successor to Marcel Rohner.

According to UBS sources, Rohner told the UBS board that he wanted to resign in January. He felt the restructuring he carried out at UBS following the credit crisis has put the bank on the right track, but the continued fall in its share price has made him weary. The UBS share price managed to rally 11% to Sfr11.30 today, on the back of Grübel's appointment, ensuring its market valuation would stay above Credit Suisse's.