When the going gets tough, the tough get going! Oswald Gruebel resigned on Saturday as chief executive of troubled Swiss bank UBS, saying he took the blame for the $2.3 billion loss run up in alleged rogue trading in its investment banking division, according to a CNBC report
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.
Gruebel, appointed in 2009 to rebuild UBS after a near collapse, said in a message to staff: "That it was possible for one of our traders in London to inflict a multi-billion loss on our bank through unauthorized trading shocked me, as it did everyone else, deeply."
The incident had global repercussions, including political ones. "I did not take the step of resigning lightly. I am convinced that it is in the best interests of UBS to approach the future with a new leader at the top," he said.
Read more at http://www.cnbc.com/id/44650810
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