UBS CEO quits, board wants faster rejig | business | Hindustan Times
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UBS CEO quits, board wants faster rejig

Swiss bank UBS’ chief executive Oswald Gruebel resigned on Saturday, shouldering the blame after its scandal-hit investment banking business lost $2.3 billion in alleged rogue trading.

business Updated: Sep 25, 2011 21:06 IST

Swiss bank UBS’ chief executive Oswald Gruebel resigned on Saturday, shouldering the blame after its scandal-hit investment banking business lost $2.3 billion in alleged rogue trading.

The bank, which said it would beef up risk controls under an accelerated restructuring of that part of its business, named its Europe, Middle East and Africa head Sergio Ermotti to replace Gruebel on an interim basis.

“Oswald Gruebel feels that it is his duty to assume responsibility for the recent unauthorised trading incident,” UBS chairman Kaspar Villiger said.

Gruebel, a 67-year-old former trader who helped turn around Credit Suisse a decade ago, was brought out of retirement in 2009 to try to revamp UBS after it almost collapsed in 2008 under the weight of more than $50 billion lost on toxic assets.