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UBS chief executive Oswald Gruebel resigned over the scandal surrounding the rogue trading loss of 2.3 billion dollars incurred by the investment banking division, being replaced in the interim by Sergio Ermotti, UBS Europe, Middle East and Africa chief.
"That it was possible for one of our traders in London to inflict a multi-billion loss on our bank through unauthorized trading shocked me, as it did everyone else, deeply. This incident has worldwide repercussions, including political ones. I did not take the step of resigning lightly. I am convinced that it is in the best interests of UBS to approach the future with a new leader at the top", Gruebel said in a letter he sent to the bank"s employees on Saturday.
Two weeks ago, Oswald Gruebel said that the loss would affect the strategy of the group and even for himself, but he would not resign.
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