Turmoil continues at UBS

The exit of Chief Executive Officer Oswald Gruebel has heightened the turmoil roiling UBS

26th September, 2011

The exit of Chief Executive Officer Oswald Gruebel has heightened the turmoil roiling UBS AG since it announced a $2.3 billion loss from unauthorized trading less than two weeks ago, says a Bloomberg report.

Gruebel, the head of Switzerland’s largest bank since February 2009, was replaced on an interim basis by Sergio Ermotti, who joined less than six months ago as CEO for Europe, the Middle East and Africa, UBS said on Sept. 24. The resignation...

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