UBS CEO quits following the rogue trading loss

Swiss bank UBS-s CEO Oswald Gruebel has quit after the board of UBS has accepted his resignation following the rouge trading loss of USD 2.3 billion last week. The board has also appointed Sergio Ermotti as the temporary CEO after Gruebel-s exit.

There has been huge pressure on the COE to resign after the Bank has lost nearly USD 2.3 billion in rogue trading. There has been huge criticism on the bank-s risk management system which was not capable to identify such unfair trading practice. The huge loss has put the bank in more trouble which is already struggling with liquidity crisis. Because of this pressure, the board has taken the decision to replace its CEO and restructure the whole banking operations.