UBS Chiefs Resign After Rogue Trade

REVOLVING DOOR

Updated Apr. 24, 2017 2:36PM EDT / Published Oct. 05, 2011 2:12PM EDT

Oli Scarff / Getty Images

More heads have rolled at Swiss bank UBS, where the two men in charge of global equities have stepped down in the wake of unauthorized trades that lost the company $2.3 billion. Francois Gouews and Yassine Bouhara have assumed “overall responsibility for the effective management of the Equities business,” according to a statement from UBS, accepting blame for the rogue trades of Kweku Adoboli, a London-based trader for the bank who blew the billions. The bank’s CEO resigned last month soon after the losses were incurred. UBS managed to produce a modest profit for its third quarter despite the rogue trades.

Read it at The Wall Street Journal

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UBS Chiefs Resign After Rogue Trade

Oli Scarff / Getty Images