UBS CEO Gruebel resigns over rogue trading loss

[September 24, 2011]  GENEVA (AP) -- Swiss bank UBS says its chief executive has resigned over a $2.3 billion rogue trading loss.

The bank says its Europe chief Sergio P. Ermotti will take over as interim chief executive until Gruebel's replacement is appointed.

UBS board president Kaspar Villiger said in a statement Saturday that Oswald had considered it his duty to take responsibility for the massive loss caused by unauthorized trading at its London-based investment banking unit.

[Associated Press]

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