UBS CEO Oswald Gruebel will propose a "radical overhaul" of the investment banking division when he meets with the UBS board in Singapore this week, Reuters reports.
The proposal comes after $2.3 billion of losses resulting from alleged rogue trades were discovered at Switzerland's biggest bank. UBS has come under attack for allowing the massive loss to occur, and Gruebel has personally been criticized for not running a tighter ship. He has resisted calls for a resignation.
"Ossie has said he's staying and he'll be the guy who sees us through it," a top executive at the bank with direct knowledge of the matter told Reuters.
The UBS board is meeting in Singapore because Government of Singapore Investment Corp. is the bank's biggest shareholder.
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Credit Swiss ends German tax evasion case with 150 million settlement. [Financial Times]
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