UBS Chief Executive Gruebel Resigns After $2.3 Billion Loss
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UBS AG, Switzerland’s largest bank, named an interim chief executive officer after Oswald Gruebel resigned the post in the wake of a $2.3 billion loss from unauthorized trading.
Gruebel, who held the top job since February 2009, will be replaced on an interim basis by Sergio P. Ermotti, the bank’s CEO for Europe, the Middle East and Africa, UBS said yesterday in a statement. Gruebel, 67, handed in his resignation as the Zurich-based bank’s board of directors met in Singapore.