UBS Sees Leaders Exit, Expects Profit
UBS said in early October that the co-heads of its global-equities unit resigned in response to the unauthorized trading that caused a $2.3 billion loss at the bank in mid-September. A former Bank of America-Merrill Lynch executive is now the sole leader of the unit. These shifts come on the...
UBS to Trim, Not Sell, Investment Bank, Report Says
As further details emerge regarding its recent $2.3 billion trading loss, UBS interim CEO Sergio Ermotti has decided against spinning off or selling the investment bank and, instead, plans to reduce its size, especially in its fixed-income work.
Co-Heads of UBS Equities Unit Resign; Former Merrill Exec Takes Over
The arrest of UBS trader Kweku Adoboli last month has led to the resignations of Francois Gouws and Yassine Bouhara; Mike Stewart assumes leadership role for UBS equities.