UBS CEO Abruptly Resigns

UBS CEO Oswald Gruebel resigned on Saturday over fallout from the $2.3 billion loss that occurred in an alleged trading scandal at the firm involving Kweku Adoboli.

Gruebel, who was appointed to UBS in 2009 after the company suffered record losses, stated in a message to staff: “That it was possible for one of our traders in London to inflict a multibillion loss on our bank through unauthorized trading shocked me, as it did everyone else, deeply.”

In the interim, Gruebel’s replacement will be Sergio P. Ermotti, UBS’ CEO for Europe, the Middle East and Africa.