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.
“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