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UBS trader Kweku Adoboli’s $2.3bn unauthorised trading scandal rocked UBS on September 15, 2011. While the bank tallied up the damage, chief executive Oswald Grübel tried to assuage staff’s alarm. As UBS’s top executive, the future of Grübel, who had come out of retirement in 2009 to guide the bank out of the financial crisis, immediately came into question.
Various media reports at the time quoted him as saying, "I am not thinking about stepping down," but acknowledging that, “My future is not decided by me alone.”
He resigned on September 24, nine days after Adoboli’s arrest.
In a letter to staff at the time he said: “What is certain is that, as CEO, I bear full responsibility for what occurs at UBS. From my first day on the job I placed the reputation of the bank above all else...I hope my resignation makes it possible for our clients, our investors and the public to return their attention more quickly to the quality and strengths of our bank.”

Technology & Media Editor

In the wake of Philipp Hildebrand's resignation from the Swiss central bank on January 9, Financial News recalls those executives finally forced to resign after initially refusing to go.

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Sarah Krouse

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