Update: Bouhara and Gouws out, Gudka also resigns as UBS cleans house

Dismissals are "a sign something was seriously wrong", says former senior UBS employee as bank admits operational and risk failings


Yassine Bouhara and Francois Gouws, co-heads of UBS Investment Bank's global equities division, have left the bank after taking responsibility for the rogue-trading loss that cost the bank $2.3 billion in September. One of the division's two chief operating officers, Niraj Gudka, has also resigned.

The bank has also promised disciplinary action against several other unnamed employees in the equities business who were involved in the incident, and against "responsible staff in other functions"

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