UBS Boss Quits Over Kweku Adoboli Loss

The chief executive of Swiss bank UBS has resigned over an alleged 1.5bn ($2.3bn) rogue-trading loss. The move is part of a major shake-up at the bank which will also see it shrink its investment banking division to reduce its risks. "Oswald Gruebel feels that it is his duty to assume responsibility for the recent unauthorised trading incident," Chairman Kaspar Villiger said. London-based trader Kweku Adoboli has been charged over the affair. Rogue trader Mr Adoboli was arrested last week and charged with fraud and false accounting. He has been remanded in custody until 20 October. Mr Adoboli, from east London, made no application for bail and gave no indication of how he would plead when he appeared in court on Thursday. His lawyer, Patrick Gibbs, said Mr Adoboli was "sorry beyond words for what had happened". "He went to UBS and told them what he had done, and stands now appalled at the scale of the consequences of his disastrous miscalculations," he said. UBS changes UBS said Europe, Middle east and Africa chief Sergio P Ermotti would take over as interim chief executive.