UBS (UBS) CEO Oswald Grübel Resigns Following Trading Loss
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UBS (NYSE: UBS) reports that Group CEO Oswald J. Grübel has decided to resign from the bank.
European chief and former derivatives banker Sergio P. Ermotti has named Group CEO on an interim basis following the resignation of Oswald J. Grübel.
According to the release: "The Board is deeply disappointed by the recent loss arising from unauthorized trading. It will fully support the independent investigation and will ensure that mitigating measures are implemented to prevent such an incident from recurring.
The Board also held its regular discussions about the firm's strategy. It reconfirmed the Group’s integrated strategy, with its wealth management, investment bank, asset management and Swiss retail and corporate businesses as essential and complementary pillars of UBS’s unique client franchise. The Board of Directors has asked the Group Executive Board to accelerate the implementation of the Investment Bank's client-centric strategy, concentrating on advisory, capital markets, and client flow and solutions businesses. This strategy is consistent with the industry's changing capital requirements and will lead to a reduction in complexity. It will also help to ensure that UBS delivers the best-quality risk-adjusted returns for shareholders."
European chief and former derivatives banker Sergio P. Ermotti has named Group CEO on an interim basis following the resignation of Oswald J. Grübel.
According to the release: "The Board is deeply disappointed by the recent loss arising from unauthorized trading. It will fully support the independent investigation and will ensure that mitigating measures are implemented to prevent such an incident from recurring.
The Board also held its regular discussions about the firm's strategy. It reconfirmed the Group’s integrated strategy, with its wealth management, investment bank, asset management and Swiss retail and corporate businesses as essential and complementary pillars of UBS’s unique client franchise. The Board of Directors has asked the Group Executive Board to accelerate the implementation of the Investment Bank's client-centric strategy, concentrating on advisory, capital markets, and client flow and solutions businesses. This strategy is consistent with the industry's changing capital requirements and will lead to a reduction in complexity. It will also help to ensure that UBS delivers the best-quality risk-adjusted returns for shareholders."
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