Gruebel Meets With UBS Board After Scolding by Singapore
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Oswald Gruebel, chief executive officer of UBS AG, may face pressure to cut risk and shrink the investment bank as the board meets in Singapore, less than a week after a $2.3 billion loss from unauthorized trading.
The CEO got a scolding yesterday from the Government of Singapore Investment Corp., the company’s biggest investor, which “expressed disappointment and concern about the lapses and urged UBS to take firm action to restore confidence in the bank,” according to a statement from the sovereign wealth fund after its senior management met with Gruebel.