FX.co ★ UBS CEO Resigned in Trading Scandal

On 24 September, the Swiss bank UBS announced a resignation of its chief executive Oswald Gruebel in a statement on its website.
According to the statement, Gruebel decided to step down as CEO due to a recent incident with USD investment trader Kweku Adoboli who allegedly committed a fraud that resulted in $2.3 billion losses incurred by the bank.
The bank’s board has already approved Oswald Gruebel’s resignation. He was replaced on an interim basis by Sergio Ermotti, chief executive of the USB European department.
The statement also mentions that the USB board is committed to take necessary measures to prevent such incidents in the future.
Kweku Adoboli was arrested on September 15, 2011 in London. He was charged with fraud and false accounting. According to Associated Press, the trader remains in custody till October by decision of a court.