Heads roll at UBS

The co-heads of UBS’s global equities division have resigned from their posts over the $2 billion losses piled up by rogue-trader Kweku Adoboli.

UBS Investment Bank CEO Carsten Kengeter accepted the resignations of Francois Gouws and Yassine Bouhara. Heads were bound to roll in the wake of the losses, which reportedly wiped out the bank’s entire bonus pool for 2011.

The Swiss bank announced it would also be taking disciplinary action against “other individuals in the equities business”.

Effective today, Mike Stewart is the sole global head of equities at the bank. Stewart’s hiring was announced in late July, before the trading losses were discovered.

Prior to joining UBS, he headed the global equities division of Bank of America Merrill Lynch.

Read: “Rogue” trading exposes poor management

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.