UBS CEO takes responsibility, quits

Swiss bank UBS's chief executive Oswald Gruebel, a 67-year-old former trader who helped turn around Credit Suisse a decade ago, was brought out of retirement in 2009 to try to revamp UBS after it almost collapsed in 2008 under the weight of more than $50 billion lost on toxic assets.



He has resigned yesterday, shouldering the blame after its scandal-hit investment banking business lost US$2.3 billion (S$3 billion) in alleged rogue trading.

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 Mr Sergio Ermotti to replace Mr Gruebel on an interim basis.

"Oswald Gruebel feels that it is his duty to assume responsibility for the recent unauthorized trading incident. It is testimony to his uncompromising principles and integrity," UBS Chairman Kaspar Villiger said in a statement.

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