UBS CEO Oswald Gruebel says he won’t resign in the wake of the latest scandal at the bank — an apparent rogue trader who lost it $2 billion.
From an interview, via Bloomberg, says Gruebel: “If someone acts with criminal intent, you can’t do anything,” … That will always exist in our job. If you ask me whether I feel guilty, then I say no.”
But what Gruebel wants, and what ultimately happens at the bank may be two totally diferent things.
The Telegraph reports on growing calls for Gruebel to resign. The bank’s “honorary chairman” Nikolaus Senn expects that Gruebel will have to go:
Mr Senn told Swiss television: “I do not know how often Gruebel flew to London to ask the people in charge how the business was growing.” He questioned whether adequate checks were implemented and criticised Gruebel for his over-reliance on control systems to detect issues, instead of proactively taking charge. Sources close to UBS said Mr Gruebel had no plans to come to London to take charge of the post-fraud situation.
Meanwhile, WSJ reports on one candidate for Gruebel’s job who seems unlikely to get it now: Inestment bank chief Carsten Kengeter, who let the rogue trade happen under his watch.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.