UBS executives quit over scandal
Nick Clark is the arts correspondent of The Independent. He joined the newspaper in June 2007, initially reporting on the stock markets. He has covered beats including the City, and technology, media and telecoms and made the switch to arts in December 2011. He has also contributed articles to the sports section.
Thursday 06 October 2011
UBS, the Swiss investment bank caught up in a rogue trader scandal at its London office, appointed a new head of global equities yesterday amid continuing bloodletting over the incident.
Carsten Kengeter, the chief executive of UBS's investment bank, has accepted the resignations of Francois Gouws and Yassine Bouhara, until now the co-heads of global equities, in the wake of the scandal, which saw the bank lose £1.5bn. MikeStewart, who joined UBS from Bank of America Merrill Lynch in July, will take sole charge of the division in their place.
UBS said last night that disciplinary investigations at the bank were ongoing, with a source saying further departures were likely. "It is clear that heads will role, but at the moment it isn't clear which ones," the source said.
The scandal, which has seen London-based trader Kweku Adoboli charged with fraud, has already prompted the departure of UBS chief executive Oswald Grübel, who left last month.
UBS revealed this week that the trading losses would not send it crashing to the third quarter losses it had at first feared.
- 1 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 2 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 3 Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
- 4 The most powerful passports in the world
- 5 Chinese student carries disabled friend to school every day for three years
Nepal earthquake: How you can help victims of the Kathmandu disaster
Nepal earthquake in pictures: Photos show devastation caused by 7.8 magnitude earthquake
Royal baby: Live updates as superbug closes ward at St Mary's Hospital in London where Duchess of Cambridge is due to give birth
Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
General Election 2015: The photo of a tree that proves the Tories have an image problem
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...