UBS chief goes

Oswald-GrubelOswald Grübel, the group chief executive officer of UBS, has stepped down.

Swiss banking giant UBS says Grübel takes responsibility for the unauthorised speculative trading incident, which led to a $2.3 billion (€1.7 billion) loss.

A trader in the London-based global synthetic equity business allegedly took speculative trading positions in various S&P 500, DAX, and EuroStoxx index futures over the last couple of months.

Markets, however, moved in a different direction and the positions caused losses.

Since the Swiss bank announced the loss earlier this month, UK authorities have charged trader Kweku Adoboli with fraud by abuse of position.

The investigation continues.

Meanwhile, Sergio Ermotti takes over as group chief executive officer an interim basis.

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