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
