UBS boss returns to Credit Suisse for help

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The appointment comes as UBS, the biggest credit-crunch loser in Europe, is expected to announce further massive writedowns and plans to axe another 8000 staff.

Kroner is also being made chief executive of a new central function, pulling all the human resources, IT, finance and legal functions into a single centre in Zurich. Under Grübel, who was a former boss of Credit Suisse and joined UBS in February, the bank is seen to be drawing in its horns and emphasising its Swissness.

Korner has been chief finance officer and operating officer of Credit Suisse but most recently ran its entire Swiss operation. He left last summer.

UBS has already cut 7000 jobs since the credit crunch began and announced a further 2000 posts would go in February. The bank has written down $49 billion of toxic assets since mid-2007.