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.
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