UBS chief executive resigns over trading scandal

Swiss banking giant UBS announced that its chief executive has resigned over a trading scandal, which cost the bank 2.3 billion dollars.

The UBS board released a statement on Saturday, which said that chief executive Oswald Gruebel considered it his duty to take responsibility for the scandal.

The 2.3 billion dollar loss was allegedly caused by a trader in the bank's London office, who was involved in unauthorized investments in equity futures. On September 16th he was charged with accounting fraud.

UBS set up an independent advisory panel to launch an investigation and prevent a recurrence.