GENEVA - The co-heads of UBS’s global equities department resigned yesterday, the latest high-profile departures following the trading scandal that cost the Swiss bank $2.3 billion.
Carsten Kengeter, chief executive of UBS Investment Bank, accepted the resignations of Francois Gouws and Yassine Bouhara, the bank said in a statement.
Kweku Adoboli, 31, the trader who was arrested in London on Sept. 15 on charges of fraud linked with the unauthorized trades, worked within that department. It will now by headed by Mike Stewart, who joined UBS from Bank of America Merrill Lynch in July.
The bank said it expects to take disciplinary action against other individuals in the department as a result of the trading scandal.
The incident pushed then-chief executive Oswald Gruebel to resign Sept. 24. It has also undone the bank’s efforts to clean up its image after being involved in recent years in a US tax evasion investigation and sustaining huge losses on subprime mortgages during the financial crisis.