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UBS chief not looking to resign over loss
Source: Agencies |
September 19, 2011, Monday
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OSWALD Gruebel, chief executive of UBS, has dismissed calls for his resignation as politically motivated, even as the Swiss banking giant raised its estimated loss by a rogue trader to US$2.3 billion.
UBS AG previously put the loss at US$2 billion when news of the scandal first broke last Thursday.
In a bid to reassure investors, the Zurich-based bank said yesterday it has "now covered the risk resulting from the unauthorized trading" and its equities business "is again operating normally within its previously defined risk limits."
UBS also confirmed for the first time that the trader, 31-year-old Kweku Adoboli, was already under investigation by the bank when he revealed his actions to authorities last Wednesday.
"The loss resulted from unauthorized speculative trading in various S&P 500, DAX, and EuroStoxx index futures over the last three months," UBS said, adding that the magnitude of the bank's risk exposure was hidden by fake trades.
UBS said it had set up a special committee chaired by David Sidwell, the bank's senior independent director, to investigate the incident.
But speaking for the first time since UBS revealed the loss last Thursday, Gruebel told the Swiss weekly Der Sonntag that the loss couldn't have been prevented.
"If someone acts with criminal energy, then you can't do anything. That will always be the case in our business," he said.
Gruebel told Der Sonntag that he has no intentions of resigning.
"I'm responsible for everything that happens at the bank," Gruebel told the paper. "But if you ask me whether I feel guilty, then I would say no."
UBS AG previously put the loss at US$2 billion when news of the scandal first broke last Thursday.
In a bid to reassure investors, the Zurich-based bank said yesterday it has "now covered the risk resulting from the unauthorized trading" and its equities business "is again operating normally within its previously defined risk limits."
UBS also confirmed for the first time that the trader, 31-year-old Kweku Adoboli, was already under investigation by the bank when he revealed his actions to authorities last Wednesday.
"The loss resulted from unauthorized speculative trading in various S&P 500, DAX, and EuroStoxx index futures over the last three months," UBS said, adding that the magnitude of the bank's risk exposure was hidden by fake trades.
UBS said it had set up a special committee chaired by David Sidwell, the bank's senior independent director, to investigate the incident.
But speaking for the first time since UBS revealed the loss last Thursday, Gruebel told the Swiss weekly Der Sonntag that the loss couldn't have been prevented.
"If someone acts with criminal energy, then you can't do anything. That will always be the case in our business," he said.
Gruebel told Der Sonntag that he has no intentions of resigning.
"I'm responsible for everything that happens at the bank," Gruebel told the paper. "But if you ask me whether I feel guilty, then I would say no."
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