UBS head not to resign over $2-bn scandal

The head of Swiss banking giant UBS said that he did not feel guilty about the $2 billion rogue trading that occurred in his bank, and that he was not planning to resign over the fraud.

The head of Swiss banking giant UBS said that he did not feel guilty about the $2 billion rogue trading that occurred in his bank, and that he was not planning to resign over the fraud.

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“I am responsible for everything that happens in the bank. But if you ask me if I feel guilty, then I would say no,” said Oswald Gruebel, CEO of the bank, in an interview.

When someone is driven by criminal intent, “you can’t do anything,” said Gruebel. He shrugged off Socialist calls for his resignation as “all political”.