ISSN 2330-717X

UBS Equities Bosses Resign Over Trader Scandal

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The co-heads of UBS Global Equities division have resigned in the wake of the rogue trader scandal that cost the bank $2.3 billion (SFr2.01 billion).

UBS said in a statement on Wednesday that Carsten Kengeter, CEO of UBS Investment Bank, had accepted the resignations of François Gouws and Yassine Bouhara following the recent unauthorised trading incident.

“Their resignations come as they assume overall responsibility for the effective management of the equities business,” UBS said.

The bank said it would also take “appropriate disciplinary action” against other individuals in the equities business as a result of the scandal.

The man accused of making the unauthorised trades worked on an equities desk in the bank’s London offices. He has been charged with four offenses of fraud and false accounting and is in custody pending a court hearing on October 20.

UBS said Mike Stewart, who joined the bank in July from Bank of America Merrill Lynch, had been appointed head of Global Equities.

SwissInfo

SwissInfo

swissinfo is an enterprise of the Swiss Broadcasting Corporation (SBC). Its role is to inform Swiss living abroad about events in their homeland and to raise awareness of Switzerland in other countries. swissinfo achieves this through its nine-language internet news and information platform.

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