Speaking to the Financial Times, Mr Peter Kurer, who took up the post at the beginning of the month, also defended himself against criticism that, as a former lawyer, he lacks the banking background needed to rescue the bank from its troubles.

UBS has faced calls from a former chief executive for it to be broken up, after it announced new massive writedowns earlier this month, taking the total damage it has suffered so far from the US sub-prime mortgage crisis to US$37.4 billion (S$50.8 billion).

'We shouldn't fool ourselves,' he told the business daily.

'We can't pretend that there has been no reputational damage. Experience says it goes away after two to three years.'

Swiss-born Kurer, 59, also dismissed suggestions he was unfit to lead UBS through the current turmoil, telling the FT: 'The bank is an assemblage of specialists and I think I know the place.'

'People should judge me on actions and not concepts...I have not accepted this job on an interim basis. The company needs leadership and needs to know who is at the helm.' - AFP