Oswald Grübel has resigned as group chief executive of UBS in the wake of the rogue trading scandal that has rocked the bank.
Grübel stood down at the weekend after the Swiss bank’s board accepted his resignation. He has been replaced in the interim by Serfio Ermotti.
Kaspar Villiger, chairman of UBS, says the board “regrets” the decision by Grübel to step down.
He says: “Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorised trading incident.
“It is testimony to his uncompromising principles and integrity. During his tenure, he achieved an impressive turnaround and strengthened UBS fundamentally.
“He steps down having helped make UBS one of the world’s best capitalised banks.”
An evaluation process has been put in place to find a successor to take over from Grübel on a permanent basis.
In a statement, the UBS board says it is “deeply disappointed” by the rogue trading loss and will support an independent investigation.
It added that it would ensure “mitigating measures are implemented” to prevent it from happening again.
The board also backed its current “integrated strategy”, which includes the investment bank as an “essential and complementary” pillar of its business.
However, Villiger says the investment bank business will be “less complex, carry less risk and use less capital to produce reliable returns”.
Villiger adds: “We are committed to further expanding our already leading global wealth management franchise.
“The investment bank will continue to strengthen its alignment with UBS’s wealth management businesses, in addition to serving its corporate, sovereign and other institutional clients.”