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News Link • Economy - International

UBS Chief Grübel Resigns

• online.wsj.com
BY DANA CIMILLUCA, BRUCE ORWALL AND DEBORAH BALL

Oswald Grübel resigned as chief executive of embattled Swiss bank UBS AG in the wake of a trading loss that cost the bank more than $2 billion and now has cut short the career of a giant of Switzerland's business community.

In a statement Saturday, UBS said its board had accepted Mr. Grübel's resignation. UBS Chairman Kaspar Villiger said on a conference call that the board had not sought Mr. Grübel's resignation and had asked him not to resign immediately, but that he had insisted.

Mr. Grübel said a week ago that he had no intention of resigning. But on ...

 

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