RJ and Makay

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Francois Gouws and Yassine Bouhara, the co-heads of UBS’s global equities business, resigned today from the embattled Swiss banking giant in the wake of the bank’s $2.3 billion loss from unauthorized rogue trading.  UBS said the “resignations come as they assume overall responsibility for the effective management of the equities business.”

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Oswald Gruebel’s exit from UBS Saturday makes it unlikely that the Swiss banking giant will rejoin the global investment banking elite any time soon, and that its status as an integrated bank remains uncertain, according to industry observers.  It has been a quick decline for the firm after showing positive earnings results as recently as April.

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UBS chief executive Oswald Gruebel resigned this past Saturday in the wake of the recent $2.3 billion dollar rogue trading scandal.  Sergio Ermotti, a former Merrill Lynch executive, is taking over Gruebel’s position on an interim basis while the bank sorts out its plan to beef up risk controls.  Meanwhile, industry speculation continues to percolate regarding the future of the bank’s U.S. operations, though the firm says it is not selling any wealth management units.