Swiss bank CEO quits after trading scandal

Swiss banking giant UBS announced yesterday the resignation of chief executive Oswald Gruebel, less than two weeks after the bank was rocked by a rogue trading scandal that lost it $2.3 billion. Switzerland’s largest bank said in a statement that its...

Swiss banking giant UBS announced yesterday the resignation of chief executive Oswald Gruebel, less than two weeks after the bank was rocked by a rogue trading scandal that lost it $2.3 billion.

Switzerland’s largest bank said in a statement that its board of directors had accepted Gruebel’s resignation. Sergio Ermotti has been named as interim CEO effective immediately, the statement said, nine days after the arrest of Kweku Adoboli, a UBS trader accused of a €1.7 billion fraud.

UBS Chairman Kaspar Villiger said in the statement that while the board “regrets” his resignation Gruebel “feels that it is his duty to assume responsibility for the recent unauthorised trading incident.”

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