Oswald Grübel, the embattled chief executive of Switzerland’s UBS bank, has stepped down in the wake of a rogue trading scandal, the bank announced on Saturday.
Grübel had been under pressure since it became known on September 15 that a London-based UBS investment bank trader had lost the bank $2.3 billion (SFr2.09 billion).
"The board regrets Oswald Grübel's decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorized trading incident,” said UBS chairman, Kaspar Villiger, in a statement on the bank’s website. Full story...
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Grübel had been under pressure since it became known on September 15 that a London-based UBS investment bank trader had lost the bank $2.3 billion (SFr2.09 billion).
"The board regrets Oswald Grübel's decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorized trading incident,” said UBS chairman, Kaspar Villiger, in a statement on the bank’s website. Full story...
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