Or, as one UBS executive put it, under Mr. Wuffli, "boring is beautiful."

In the closed-door meeting with analysts, UBS executives said they had reduced the bank's "risk appetite" by half.

UBS executives testified in Congress last year that they had no knowledge of the fraud.

Investors also took heart from comments from UBS executives.

Several top UBS executives, including the bank's chairman, resigned.

But if there is no change in direction, UBS executives remained opaque about why the board felt it necessary to replace Mr. Arnold so abruptly.

UBS executives said today that the board made its decision on Sunday, but waited until this morning to make an announcement.

Some months ago, UBS executives acknowledged that profits had been difficult to come by and hinted that the company could pull out of Houston.

UBS executives refused to be interviewed, but the bank told shareholders recently that it was re-evaluating its "risk profile."

Hackett agrees, bullies the UBS executives to consent, and fires Schumacher at the same time.