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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.
Tags >> rogue trading scandal

UBS co-heads of Global Equities resign as shakeup continues

Posted by RJ and Makay on Oct 06, 2011

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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.”

UBS CEO resigns in wake of company rogue trading scandal

Posted by RJ and Makay on Sep 26, 2011

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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.