Head rolls at UBS

Time is up for Grübel AFP

After resisting calls for his departure for more than a week, Oswald Grübel resigned from his job as group chief executive officer of UBS over the weekend. He was replaced on an interim basis by Sergio Ermotti.

Grübel's future at the bank has been in question since the Swiss bank announced a multi-billion dollar loss related to equity trading earlier this month and his departure was not unexpected.

Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorised trading incident,” said UBS chairman Kaspar Villiger on Saturday...