http://www.bloomberg.com/news/2011-10-05/ubs-says-equities-co-heads-gouws-bouhara-resign-over-unauthorized-trading.html By Elena Logutenkova and Ambereen Choudhury Bloomberg Oct 6, 2011 UBS AG (UBSN), Switzerland’s biggest bank, said Francois Gouws and Yassine Bouhara resigned as co-heads of global equities following last month’s $2.3 billion loss from unauthorized trading. “Their resignations come as they assume overall responsibility for the effective management of the equities business,” the Zurich-based bank said in an e-mailed statement yesterday. Mike Stewart, hired from Bank of America Corp. in July, will become the sole head of equities, UBS said. Sergio Ermotti, who replaced Oswald Gruebel as interim chief executive officer last month, is trying to bolster investor confidence in a bank that less than two months ago Gruebel said had “one of the best” risk-management units in the industry. Ermotti said in a memo to employees yesterday that while the bank’s internal systems had detected “unauthorized or unexplained” activity, it wasn’t “sufficiently” probed and controls weren’t enforced. “Serious lapses of potentially both risk management and leadership have occurred, and somebody must be held responsible,” said Chris Roebuck, a visiting professor at the Cass Business school in London. “To not to have taken rapid action would have been perceived both by investors, regulators and the market in itself a further leadership failure.” [...] _____________________________________________________________ FINAL CALL to register #HITB2011KUL - Asia's premier deep-knowledge network security event now in it's 9th year! http://conference.hitb.org/hitbsecconf2011kul/Received on Fri Oct 07 2011 - 00:34:23 PDT
This archive was generated by hypermail 2.2.0 : Fri Oct 07 2011 - 00:37:30 PDT