UBS CEO declines to comment as board meeting ends | business | Hindustan Times
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UBS CEO declines to comment as board meeting ends

UBS Chief Executive Oswald Gruebel has declined to comment after meeting with the Swiss bank's board of directors in Singapore amid criticism over a $2.3 billion rogue trading loss.

business Updated: Sep 23, 2011 16:08 IST

UBS Chief Executive Oswald Gruebel has declined to comment after meeting with the Swiss bank's board of directors in Singapore amid criticism over a $2.3 billion rogue trading loss.

Gruebel was the first of UBS's top management and board to leave the meeting Friday afternoon at the bank's office. Gruebel refused to answer reporters' questions as he left alone in a chauffeured Mercedes. Several UBS board members left about 30 minutes later and also declined to comment.

It was unclear whether Gruebel's job was at stake. He has reportedly said he will not resign.

London-based UBS trader Kweku Adoboli was arrested last week and charged with fraud and false accounting for the loss. A judge ordered him Thursday to be held in jail until a hearing next month.