UBS CEO Oswald Gruebel Resigns Over $2.3 Billion Rogue Trading Loss

UBS chief executive Oswald Gruebel has resigned over a $2.3 billion rogue trading loss, the Swiss bank announced today, ending days of speculation. The board of directors asked UBS Europe chief Sergio P. Ermotti to take over immediately as interim CEO until Gruebel's replacement is appointed, the bank said in a statement. "The Board regrets Oswald Gruebel's decision," UBS Chairman Kaspar Villiger said, according to the statement. "Oswald Gruebel feels that it is his duty to assume...Full Story
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