Oswald Gruebel, the CEO of UBS resigned on Saturday, shouldering the blame after the Swiss bank lost £1.5 billion due to the unauthorised trading of alleged rogue trader, Kweku Adoboli.
The Chairman, Kaspar Villiger, said that Gruebel felt that it was his 'duty to assume responsibility for the recent unauthorised trading incident. It is testimony to his uncompromising principles and integrity".
Kweku Adoboli was charged with fraud and false accounting at UBS's London office. Adoboli has been remanded in custody and has not entered a plea to the four charges.
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Gruebel, 67, was brought out of retirement in 2009 to revamp UBS after it almost collapsed in 2008. UBS's head of Europe, Middle East and Asia, Sergio Ermotti, will be the caretaker CEO.