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UBS co-heads of equities department resign

AP News
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Posted: Oct 05, 2011 2:10 PM
UBS co-heads of equities department resign

UBS says the co-heads of its Global Equities department have resigned following the trading scandal that cost the Swiss bank $2.3 billion.

The bank says in a statement Wednesday that Chief Executive Carsten Kengeter accepted the resignations of Francois Gouws and Yassine Bouhara. They will be replaced by Mike Stewart, who joined UBS from Bank of America Merrill Lynch in July.

The bank expects to take disciplinary action against other individuals in the department as a result of the trading scandal that was revealed on Sept. 15.