UBS chief resigns over trading loss

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Swiss bank UBS says its chief executive has resigned over a £1.5 billion rogue trading loss.

The bank says its Europe chief Sergio Ermotti will take over as interim chief executive until Oswald Gruebel's replacement is appointed.

UBS board president Kaspar Villiger said in a statement today that Oswald Gruebel had considered it his duty to take responsibility for the massive loss caused by alleged unauthorised trading at its London-based investment banking unit. PA