From the Wall St Journal: the resignation of UBS AG Chief Executive Oswald Grübel throws Switzerland's largest bank into renewed turmoil, leaving it struggling with the twin problems of revamping a troubled investment bank and finding a permanent CEO.
In a fresh blow to the beleaguered bank, Mr. Grübel resigned Saturday morning in the wake of huge trading losses allegedly by a London-based trader at UBS's investment-banking unit. The bank's board appointed Sergio Ermotti, head of the European business, as interim CEO effective immediately. A search is under way for a permanent chief executive, with the board considering both internal and external candidates, said UBS ...
There's more - much more at http://online.wsj.com/article/SB10001424052970204010604576593043781588316.html?mod=WSJ_business_whatsNews
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