Former Credit Suisse Group CEO Oswald Grübel, 65, has come out of retirement to lead UBS, which announced that chief executive Marcel Rohner would leave the bank. Rohner took over as CEO in 2007, replacing then-chief Peter Wuffli as UBS suffered billions of dollars in write-downs. UBS is losing clients and faces a U.S. inquiry about tax evasion involving 52,000 U.S. clients.

Grübel (pictured) was the architect behind Credit Suisse's turnaround, for which he was nicknamed "Saint Ossi." He began his career in 1961 with a banking apprenticeship at Deutsche Bank AG in Mannheim, Germany. In 1970, he joined White Weld Securities, a subsidiary of the Schweizerische Kreditanstalt (the former Credit Suisse).

He first retired at the end of 2001 but came back six months later as CEO of Credit Suisse Financial Services.

In New York, John Costas and Michael Hutchins, who ran UBS' now-defunct hedge fund Dillon Read Capital Management LLC, are reportedly starting a new firm. Bloomberg News said the boutique firm will have a broker-dealer, make bets with its own capital and will also include Matthew Johnson, who was a trader at Dillon Read, and Steve Rielly, who was global head of loan trading at UBS until he left in 2007.

Costas was CEO at Dillon Read and had served as chairman and chief executive of UBS Investment Bank. He joined UBS in 1996 as head of fixed income. From 1981 to 1996, he was in charge of global fixed income at Credit Suisse Group.

Hutchins was global head of fixed income, rates and currencies for the investment bank before he became president of Dillon Read. At that time, Ken Moelis, who was joint global head of investment banking, was additionally appointed president of the investment bank.

He later founded Moelis & Co.

Citigroup Inc. appointed Nikhil Nagle as head of the India equities, covering both sales and trading. Nagle goes to Mumbai from Hong Kong, where he was leading Citi's South Asian trading desk. He will report locally to V Srikanth, head of markets, South Asia, and regionally to Justin Kennedy, head of equities, Asia Pacific.

J.P. Morgan Chase & Co., which bought Washington Mutual Inc. in September, said it would cut 12,000 jobs from the failed lender.

Elaine Sullivan joined recruiting firm Russell Reynolds Associates Inc. as a senior member of the financial services sector, based in London. Most recently, she was chief operating officer, global banking Europe, at Deutsche Bank AG.

Before that, Sullivan spent six years with IBM Corp., primarily as global head of the financial markets sector business. She also served as vice president of marketing for Morgan Stanley's equities division before becoming executive director of e-business technology, based in New York. Sullivan began her career with IBM in various sales and marketing roles.

7 Mile Advisors, an investment banking and corporate advisory firm, created a corporate restructuring practice and added Chip Bowman, Carter Smith and John McCormick as managing directors. Bowman managed Comerica Bank's East Coast venture debt workout portfolio from 2001 to 2005. He also worked in Fleet/Bank Boston's corporate distressed debt group, where he managed the group's venture debt recovery efforts. Smith worked at Landmark Communications, and McCormick was a founding employee at AutoTrader.com Inc.

Real estate investment adviser ING Clarion Partners LLC is entering the defined contribution market with the addition of Douglas DuMond in New York. He joins as a managing director from BlackRock Inc., where he was head of the U.S. defined contribution business.

Kenneth Marin, specializing in structured finance, securitization and derivatives, joined Chapman and Cutler LLP's New York office as a partner in the asset securitization practice. Marin comes to Chapman from McKee Nelson LLP, where he was a partner in the corporate finance department and co-head of its covered bonds team.

King & Spalding LLP took on three intellectual property partners from Baker Botts LLP. They include R. William Beard Jr., Andy Grubert and Bruce Slayden II, who was co-chair of Baker's international patent practice group and head of its IP department in Austin, Texas. Slayden and Beard join in Austin, while Grubert resides in London.

Arnstein & Lehr LLP of Chicago tapped Joseph Vitek as a partner in the estate planning and probate administration practice. Vitek was a partner at Pedersen & Houpt, where he was a member of the wealth preservation and trusts and estates practices.

Brown Rudnick LLP elected five attorneys to the partnership: Sunni Beville, Michael Camilleri, Christopher Carolan, Robert Murray and Neill Shrimpton. Their coverage spans corporate, bankruptcy and corporate restructuring, real estate, finance and litigation.