Sunday, September 18, 2011

UBS CEO says not thinking about stepping down -paper

ZURICH: UBS Chief Executive Oswald Gruebel is not considering stepping down in the wake of the crisis provoked by a London trader suspected of causing a $2 billion loss for the bank, Gruebel told Swiss newspaper Der Sonntag.

Asked about calls for his resignation that have mainly been expressed by members of the Social Democrats he said: "That is purely political. I am not thinking about stepping down."

He said it was up to the board to decide on this matter.

In the short interview, Gruebel assumed responsibility for all that happens at the bank. "But if you ask me whether I feel guilty, I say no," he said.

Swiss newspaper NZZ am Sonntag said the UBS board was still supporting Gruebel, who took over as CEO in the middle of the financial crisis and has so far been seen as the man who managed UBS's turnaround.

Important shareholders like the Government of Singapore Investment Corp. were still placing their trust in Oswald Gruebel, an unnamed member of the UBS board was quoted as saying by the newspaper, adding an alternative to Gruebel was not in sight.

NZZ am Sonntag and SonntagsZeitung reported UBS would communicate further details on the exact loss caused by trader Kweku Adoboli on Sunday. UBS was not immediately available to comment. ' Reuters


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