UBS Chiefs Resign After Rogue Trade

    LONDON, ENGLAND - SEPTEMBER 15:  The sign for the UK headquarters of the Swiss banking group UBS after it was announced that unauthorised trades by an investment banker had cost the bank 1.3 billion GBP on September 15, 2011 in London, England. Police have arrested at 31 year old man in connection with the rogue trading whilst shares in UBS have fallen sharply on the news.  (Photo by Oli Scarff/Getty Images)

    Oli Scarff / Getty Images

    More heads have rolled at Swiss bank UBS, where the two men in charge of global equities have stepped down in the wake of unauthorized trades that lost the company $2.3 billion. Francois Gouews and Yassine Bouhara have assumed “overall responsibility for the effective management of the Equities business,” according to a statement from UBS, accepting blame for the rogue trades of Kweku Adoboli, a London-based trader for the bank who blew the billions. The bank’s CEO resigned last month soon after the losses were incurred. UBS managed to produce a modest profit for its third quarter despite the rogue trades.

    Read it at The Wall Street Journal