UBS chief to stay off supervisory board-magazine

* Gruebel will stay at bank til turnaround complete-Bilanz

* Sees further opportunities in trading operations

ZURICH, May 20 (BestGrowthStock) – Oswald Gruebel will only stay in
his role as UBS (UBS.N: ) (UBSN.VX: ) chief executive as long as it
takes to turn the Swiss bank around and will not seek a place on
the supervisory board, he was reported a saying on Thursday.

Gruebel, a veteran of local rival Credit Suisse (CSGN.VX: ),
was lured out of retirement last year to steer UBS after $52.5
billion of writedowns on risky debts pushed the bank to the
biggest annual loss in Swiss corporate history in 2008.

“I’ll stay until we have reached a constant minimum
profitability and outliers are only possible upwards,” Gruebel,
head of the world’s second-largest wealth manager in terms of
assets, told Swiss business magazine Bilanz.

“I am not available for a position on the supervisory
board,” he added.

Gruebel said there was further potential in UBS’s fixed
income, currency and commodity trading operations. The unit
posted a revenue of over 2 billion Swiss francs ($1.73 billion)
in the first quarter, helping the bank to beat forecasts.
[ID:nLDE6421E5]
“We are bound to have fluctuations here but the foundation
is solid at this level,” he was quoted as saying.

Stock Investing

($1=1.156 Swiss francs)
(Writing by Jason Rhodes; Editing by Greg Mahlich)

UBS chief to stay off supervisory board-magazine