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Ubs Chief Oswald Grübel Resigns Over Alleged Rogue Trader Affair

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The chief executive of the embattled Swiss bank UBS, Oswald Grübel, has quit after the bank lost an estimated $2.3bn (£1.5bn) in the alleged rogue trading scandal.

Sergio Ermotti, the bank's head of Europe, Middle East and Africa, will take over as CEO for now.

The bank said it had accepted Grübel's resignation and paid "testimony to his uncompromising principles and integrity".

UBS held their board meeting last week at their head quarters at One Raffles Quay in Singapore, the same building in worked in until April.

I have traditionally worked for insurance companies in the UK but took a IT role for Deutsche Bank as a bit of a novelty, only to have all my concerns about contemporary banking confirmed. Hence my own resignation.

Edited by nmarks
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Maybe the whole board ought to consider resigning too. They really should.

The whole board should be made liable for the debt.

Shareholders should pursue them.

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