Marcel Rohner was named as his replacement.

FORBES: Street Quakes As Another Chief Falls

Ostensibly, that is why Mr Wuffli was replaced by Marcel Rohner, the new boss, though it is not clear whether the 42-year-old former private banker and risk manager has the hard edge to cut it in investment banking.

ECONOMIST: UBS falls from grace

With new management holding the reins -- the bank's chief executive was replaced by Marcel Rohner in July , who also took over the investment-banking division Monday from Huw Jenkins -- UBS had a "clean sheet" to work with.

FORBES: Battered UBS Looks Like A Bargain