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UBS Taps Fmr Credit Suisse Head Gruebel As CEO

Shares in UBS AG rallied Thursday after the Zurich-based bank tapped the former boss of crosstown rival Credit Suisse Group as its new chief executive, sparking hopes of more assertive strategic review at the beleaguered bank.

UBS appointed 65-year-old Oswald Gruebel as its CEO with immediate effect, replacing Marcel Rohner, who had been CEO since July 2007.

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