UBS quickly drew a veil over the real reasons for the sudden resignation of Chief Executive Peter Wuffli, but traders said it may be linked to the embarrassing closure of a hedge fund earlier this year.
"We are not going to discuss any further details in public," UBS Chairman Marcel Ospel told a conference call with financial journalists, adding that the board of the Swiss bank had taken a decision late last week it felt "comfortable with."
The sudden change, announced late on Thursday, followed calls from critics for UBS to boost results and even consider breaking up the company -- by getting out of investment banking
and focusing entirely on wealth and investment management.