"UBS chief executive resigns on rogue trading loss; He says move lets bank start again" by Frank Jordans Associated Press / September 25, 2011
GENEVA - UBS chief executive Oswald Gruebel has resigned because of a $2.3 billion rogue trading loss, the bank said yesterday. Gruebel’s decision was an attempt to allow UBS to start afresh after the latest major scandal to hit Switzerland’s biggest bank, it said....
At the time of Gruebel’s appointment, the bank had suffered an unprecedented loss from investments in the subprime mortgage market and become embroiled in an embarrassing US tax evasion case.
The 67-year-old German, who came out of retirement to lead UBS, steered the bank back to profit and resolved the US tax evasion case, though not without blowing a hole in Switzerland’s storied tradition of banking secrecy....
UBS said yesterday that it would hold on to its integrated strategy, but that the investment bank’s business would be simplified to ensure that there is less risk, using less capital to produce more reliable returns....
--more--"
