Oswald Gruebel Resigned as Chief Executive Corporate Bank UBS

Oswald Gruebel as Chief Executive Corporate Bank UBS, resigned from his post. Oswald Gruebel resignation following the losses suffered by the Swiss banks was due to an illegal transaction with a broker as much as £ 1.5 billion or about $2,3 billion USD.

"Oswald Gruebel felt that it was his duty to take responsibility for recent incidents of unauthorized trading," said Chairman of UBS, Kaspar Villiger, as reported by BBC News, 24 September 2011.

UBS broker based in London, Kweku Adoboli, previously was indicted for the alleged scandal was doing. Kweku Adoboli was arrested last week and charged with fraud and false accounting records. He was detained in prison until October 20.

Kweku Adoboli, from east London trader does not make an application for insurance and other signs of how he will face court on Thursday.

His lawyer, Patrick Gibs said, "Adoboli regret for what has happened".

"He (Adoboli) go to UBS and said what he had done, and he was now surprised at the magnitude of the consequences of catastrophic miscalculations," he said.

Change Management
The bank announced, UBS Chairman Europe, Sergio P Ermoti will take over as interim Chief Executive.

Villiger praised the performance of Oswald Gruebel, 67 years, since he retired in 2009 to reform the SBU which is almost bankrupt due to heavy load assets 'toxic' more than $50 billion USD.

"I promise that in future the bank will not be complex investments, minimize risk, and uses very little capital to generate profits that are reliable and contribute more optimal for the overall purpose of UBS," he said.

He said a regular meeting has been scheduled for completion by UBS last Friday will continue through conference calls.

For information, UBS is Switzerland's largest bank, with headquarters in Zurich and Basel, the company employs approximately 6,000 employees in Britain and 65,000 employees around the world with some of UBS's investment banking operations are based in London and New York, United States of America