UBS Loss Leaves ‘Saint Ossie' Gruebel Contemplating Tinier Investment Bank

"Gruebel, 67, was hired out of retirement to stabilize the lender, the flagship for Switzerland's wealth-management industry, after bets on U.S. mortgage-backed securities backfired. The bank posted the biggest loss in Swiss corporate history and took a capital injection of 6 billion Swiss francs ($6.6 billion) from the government. Born in East Germany, he spent 37 years at Credit Suisse Group AG (CSGN), earning the moniker "Saint Ossie" for helping restore that bank's profit and reputation, and for spotting the U.S. subprime debacle early."