Mr Kurer will be replaced by Kaspar Villiger, a former Swiss finance minister, completing the shake-up begun last week with the appointment of Oswald Grübel as chief executive.

Mr Kurer, chairman since April last year, had been seen by analysts as an interim appointment. Formerly UBS's general counsel, he lacked direct banking experience and was handicapped by a close association with Marcel Ospel, the group's domineering previous chairman.

His position was additionally undermined by intensifying US regulatory pressure over allegations UBS helped rich US clients with accounts in Switzerland to evade taxes. Although not directly involved, Mr Kurer had, as general counsel in 2006, received a whistleblowing letter. The subsequent internal inquiry he initiated was later criticised as inadequate by the US authorities.