UBS Chief Gruebel Tells Sonntag He Doesn’t Plan to Resign

UBS AG (UBSN) Chief Executive Officer Oswald Gruebel told Der Sonntag he takes responsibility for everything that happens at the Swiss bank and doesn’t plan to resign after unauthorized trades that caused a $2 billion loss.

"If someone acts with criminal intent, you can’t do anything," he told the newspaper in an interview. "That will always exist in our job. If you ask me whether I feel guilty, then I say no."

UBS has stopped all advertising campaigns, the newspaper said.

To contact the reporter on this story: Thomas Mulier in Geneva at tmulier@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net

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