Swiss global financial services company UBS has announced the resignation of Oswald J Grübel from the bank.According to an official statement by UBS, Grübel has been replaced by Sergio P Ermotti as Group CEO on an interim basis.
The UBS Board of Directors has accepted today the decision of Group CEO Oswald J. Grübel to resign from the bank.
The Board of Directors asked Ermotti to take up the position of Group CEO on an interim basis following its acceptance of Grübel’s resignation letter.
The statement quotes UBS's Chairman Kaspar Villiger as saying, "The Board regrets Oswald Grübel's decision.”
Villiger’s statement goes on to say, “Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorized trading incident. It is testimony to his uncompromising principles and integrity.”
The statement said the Board is “deeply disappointed by the recent loss arising from unauthorized trading” and added it “will fully support the independent investigation and will ensure that mitigating measures are implemented to prevent such an incident from recurring.”
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