UBS CEO Oswald Gruebel quits over 'rogue-trader' loss

Mr Gruebel was brought out of retirement in 2009 to reform UBS after it almost collapsed

The chief executive of Swiss bank UBS has resigned over an alleged £1.5bn ($2.3bn) rogue-trading loss.

"Oswald Gruebel feels that it is his duty to assume responsibility for the recent unauthorised trading incident," Chairman Kaspar Villiger said.
London-based trader Kweku Adoboli has been charged over the affair.
Mr Adoboli was arrested last week and charged with fraud and false accounting. He has been remanded in custody until 20 October.
Mr Adoboli, from east London, made no application for bail and gave no indication of how he would plead when he appeared in court on Thursday.
His lawyer, Patrick Gibbs, said Mr Adoboli was "sorry beyond words for what had happened".
"He went to UBS and told them what he had done, and stands now appalled at the scale of the consequences of his disastrous miscalculations," he said.
UBS changes
UBS Europe chief Sergio P Ermotti would take over as interim chief executive, the bank announced.
Mr Villiger praised the work of Mr Gruebel, 67, since he was brought out of retirement in 2009 to reform UBS after it almost collapsed under the weight of more than $50bn of toxic assets.
He promised that in future "the Investment Bank will be less complex, carry less risk and use less capital to produce reliable returns and contribute more optimally to UBS's overall objectives".
A regular UBS board meeting that had been scheduled to finish on Friday is continuing by conference call, reports said.