Swiss banking giant UBS announced that its chief executive has resigned over a trading scandal, which cost the bank 2.3 billion dollars.
The UBS board released a statement on Saturday, which said that chief executive Oswald Gruebel considered it his duty to take responsibility for the scandal.
The 2.3 billion dollar loss was allegedly caused by a trader in the bank's London office, who was involved in unauthorized investments in equity futures. On September 16th he was charged with accounting fraud.
UBS set up an independent advisory panel to launch an investigation and prevent a recurrence.
Labels:
daily new
UBS chief executive resigns over trading scandal
Sunday, September 25, 2011
Subscribe to:
Post Comments (Atom)
Popular Posts
-
Japanese sumo wrestler Kotoshogiku will be promoted to the second-highest rank of ozeki, or champion. He is the first Japanese wrestler to b...
-
US Secretary of Treasury Timothy Geithner has urged the International Monetary Fund to play a leading role in overcoming the debt crisis in ... -
Defense companies are expected to pitch 3 plane models on Monday to compete for selection as Japan's next mainstay fighter jet. The Defe... -
A new study by three universities shows that people holding positions of power with low status tend to demean others, one of the authors sai... -
Japanese and Chinese foreign ministers agreed to arrange the concrete schedule for Prime Minister Yoshihiko Noda 's visit to China this ...
0 comments:
Post a Comment