LONDON — The Swiss banking giant UBS
said on Saturday that its chief executive, Oswald J. Grübel, had resigned over
a rogue trading scandal that shook the European banking sector and raised new
questions about the adequacy of financial regulation.
The
resignation was a dramatic fall for Mr. Grübel, who came to be known as “Saint
Ossie” for reviving Credit Suisse, another Swiss banking giant, before he was
hired out of retirement two and a half years ago to do the same at UBS.
Mr. Grübel decided that the
$2.3 billion loss as a result of unauthorized trades by a midlevel employee had
made it impossible to run a bank that has lurched from crisis to crisis in
recent years and desperately needs to repair its reputation.
Funny how history repeats itself.
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