Oswald Gruebel, chief executive officer of UBS AG (UBSN) since February 2009, resigned his post at Switzerland’s largest bank after the firm’s board of directors met in Singapore.
Gruebel, 67, leaves as the Zurich-based bank and regulators in Switzerland and the U.K. investigate a $2.3 billion loss from unauthorized trading. He will be replaced on an interim basis by Sergio P. Ermotti, the bank’s CEO for Europe, the Middle East and Africa, UBS said in a statement today. Full story
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UBS CEO quits, board wants faster restructuring - Hindustan Times
Swiss bank UBS says CEO Oswald Gruebel has resigned over $2.3 billion rogue trading loss - Winnipeg Free Press
