Turmoil continues at UBS as Grubel steps down

Chief executive takes the fall for $2.3 billion rogue-trading losses


Oswald Grubel, chief executive of UBS, has resigned, taking responsibility for the failures in oversight that led to the $2.3 billion rogue-trading losses revealed earlier this month. The news came as the bank's board met in Singapore over the weekend to discuss its reaction to the losses and mollify angry shareholders, in particular the Government of Singapore Investment Corporation, which holds an 8% stake.

UBS announced his departure on Saturday, September 24. In a final message to UBS staff

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