The UBS Board of Directors has accepted the decision of Group CEO Oswald Grübel to resign from the bank. The Board of Directors asked Sergio P Ermotti to take up the position of Group CEO on an interim basis. The appointment will take effect immediately.

UBS's Chairman Kaspar Villiger says: "The Board regrets Oswald Grübel's decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorised trading incident. It is testimony to his uncompromising principles and integrity. During his tenure, he achieved an impressive turnaround and strengthened UBS fundamentally. He steps down having helped make UBS one of the world’s best capitalized banks. On behalf of the Board of Directors, I extend my heartfelt gratitude to him for everything he has done for UBS.

"I would like to thank Sergio Ermotti for taking over the interim leadership of UBS. With his extensive industry experience and together with the executive leadership team he will continue to implement UBS’s strategic alignment.”

The Board of Directors will continue the ongoing internal and external evaluation process to find a permanent successor as Group CEO.

Kaspar Villiger says: “We are committed to further expanding our already leading global wealth management franchise. The Investment Bank will continue to strengthen its alignment with UBS's wealth management businesses, in addition to serving its corporate, sovereign and other institutional clients. In the future, the Investment Bank will be less complex, carry less risk and use less capital to produce reliable returns and contribute more optimally to UBS’s overall objectives.”