Peter Wuffli was ousted as chief executive of UBS amid growing worry among the Swiss bank’s senior ranks about his management of the bank’s day-to-day operations.
People close to the bank said Mr Wuffli’s departure, announced late on Thursday night, reflected unease among UBS’s board of directors about his handling of Dillon Read Capital Management, the bank’s in-house hedge fund, which was closed down this year following losses on investments in the subprime mortgage market.
