UBS chief executive Oswald Grübel resigned after the board refused to back his plans to overhaul the bank’s strategy and corporate governance, according to two people involved in the process.
Mr Grübel announced his resignation on Saturday, 10 days after discovering that a trading scandal had cost the Swiss bank as much as $2.3bn, stressing it was a personal decision and that he was personally accountable for the loss.
“I am convinced that it is in the best interests of UBS to approach the future with a new leader at the top,” he wrote in a note to staff.
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