UBS CEO Resigns

Rogue trader Kweku Adoboli won't be the only person to lose his job over the scandal. UBS chief executive Oswald Gruebel has resigned over the $2.3 billion loss. UBS Europe chief Sergio Ermotti will take over as interim chief executive until a replacement is found. The Swiss bank's president, Kaspar Villiger, said the board regretted Gruebel's decision but will accept it. "Oswald Gruebel feels that it is his duty to assume responsibility for the recent unauthorized trading incident," Villiger said in a statement. "He steps down having helped make UBS one of the world's best capitalized banks.” The bank also says it is putting measures in place to prevent another rogue trading loss from happening.