UBS (UBS) Co-Head of Global Equities Resign, BofA/Merrill's (BAC) Stewart Tapped to Lead

UBS Investment Bank (NYSE: UBS) reports a change in leadership at its Global Equities business.

Carsten Kengeter, CEO UBS Investment Bank, has today accepted the resignations of Francois Gouws and Yassine Bouhara, co-heads of Global Equities, following the recently announced unauthorized trading incident. Their resignations come as they assume overall responsibility for the effective management of the Equities business.

In addition, appropriate disciplinary action will be taken against other individuals in the Equities business as a result of the incident. UBS also expects to take disciplinary action against responsible staff in other functions.

Mike Stewart has been appointed global head of Equities. Stewart has joined UBS from Bank of America Merrill Lynch (NYSE: BAC) where he headed its Global Equities division. Effective today, he will become sole global head of Equities here at UBS. He brings with him extensive market and leadership experience that is needed to ensure the sound management of the business and seamless execution of the firm's global Equities strategy.

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