UBS Says Gouws, Bouhara Leave Over Unauthorized Trading Loss

UBS AG, Switzerland’s biggest bank, said Francois Gouws and Yassine Bouhara resigned as co-heads of global equities following last month’s $2.3 billion loss from unauthorized trading.

“Their resignations come as they assume overall responsibility for the effective management of the equities business,” the Zurich-based bank said in an e-mailed statement yesterday. Mike Stewart, hired from Bank of America Corp. in July, will become the sole head of equities, UBS said.