UBS CEO Oswald Grübel has stepped down from his post, The Wall Street Journal reports. Grübel resigned on September 24 following heavy trading losses allegedly by a London-based trader at the investment banking unit.
The board has named head of the European business Sergio Ermotti as interim CEO with immediate effect. Ermotti, who joined UBS only five months ago, will oversee restructuring of the investment bank until the board decides to confirm him as CEO or look for an alternative candidate.
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