UBS Chief Gruebel Dismisses Calls to Resign After Trading Loss
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UBS AG Chief Executive Officer Oswald Gruebel said he doesn’t plan to resign after Switzerland’s biggest bank last week reported a $2 billion loss from unauthorized trading.
Gruebel said he is responsible for everything that happens at the Zurich-based bank, according to an interview in Swiss newspaper Der Sonntag today. Serge Steiner, a UBS spokesman, confirmed the comment. Nikolaus Senn, former chairman of Union Bank of Switzerland, one of the banks that merged to form UBS, said two days ago Gruebel won’t be able to keep his job.