2 UBS Execs Step Down After $2B Rogue Trading Scandal

Law360, New York (October 6, 2011, 1:39 PM EDT) -- Swiss bank UBS AG said Wednesday that the two heads of its global equities division had quit, and that disciplinary action had been stepped up after a recently discovered $2 billion rogue trading incident.

Carsten Kengeter, CEO of UBS Investment Bank, accepted the resignations of Francois Gouws and Yassine Bouhara, who co-headed the Global Equities Group. Under their watch, London-based trader Kweku Adoboli, 31, allegedly cost the bank $2 billion through unauthorized trades.

Fallout from the rogue trades, which were revealed in September, will not be...
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