Tags: EU | UBS | Trading | Scandal

Report: UBS CEO Not Resigning in Trading Scandal

Sunday, 18 Sep 2011 06:26 AM

 

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GENEVA (AP) — The chief executive of UBS says he feels responsible but not guilty for the $2 billion loss a rogue trader has caused the Swiss bank.

Oswald Gruebel told the Swiss weekly Der Sonntag in an interview Sunday he also isn't thinking about resigning.

Gruebel was brought in more than two years ago to lead UBS out of a series of missteps that have heavily damaged the biggest Swiss bank's reputation. He told the paper in his first interview since UBS announced the loss Thursday that he was "responsible for everything that happens at the bank."

He added "but if you ask me whether I feel guilty, then I would say no."

A 31-year-old trader, Kweku Adoboli, is being held in London on charges of fraud and false accounting.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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