UBS CEO Gruebel Resigns Over Rogue Trading Loss

By: Associated Press

Posted: Sat 7:31 AM, Sep 24, 2011

Swiss bank UBS says its chief executive has resigned over a $2.3 billion rogue trading loss.

The bank says its Europe chief Sergio P. Ermotti will take over
as interim chief executive until Oswald Gruebel's replacement is
appointed.

UBS board president Kaspar Villiger said in a statement Saturday
that Gruebel had considered it his duty to take responsibility for
the massive loss caused by unauthorized trading at its London-based
investment banking unit.

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UBS CEO Gruebel Resigns Over Rogue Trading Loss

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