Date Published:
09/24/2011 Following a Board Meeting in Singapore, the CEO of UBS, Oswald Grübel, has resigned. The resignation is a direct impact of the recent scandal involving the London Based Rogue Trader who caused the bank to lose an estimated $2B dollars.
Risk Management Perspective:
At a time when European banks and governments are working hard to convince everyone they have everything under control, it turns out they don't. On a potentially big scale. If the banks that are subjects of stress tests and sharing in the burden of Greek debt don't actually have their houses in order, it's harder to trust all the other things everyone wants to believe.
For more, go here.
Industry Group:
Large Enterprises
Industry:
Banking
Country:
Rest of Europe
Risk Class:
Financial
Risk Type:
Reputation
Risk Type:
Regulatory