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UBS chief stands down over rogue trading scandal
Business digest: Oswald Gruebel decides he must take responsibility for £1.48bn loss
AFTER insisting that he had no intention of going, Oswald Gruebel, chief executive of the Swiss bank UBS, announced his resignation on Saturday, saying he should take responsibility for the £1.48bn rogue trading scandal revealed last week.
The decision followed a board meeting in Singapore. UBS chairman Kasper Villiger claimed the board had asked Gruebel to stay on, but that the CEO's "uncompromising principles and integrity" meant he felt he had to go.
Gruebel had only been in the job since February 2009.
The discovery of the loss, and the arrest in London of 31-year-old Kweku Adoboli, shocked the City. It was assumed strict new measures made such a scandal impossible.
One positive is that UBS is one of the world's best capitalised banks, having more money than most on its balance sheet to absorb such a financial shock.
Read a full report at the Independent. ·
