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Thursday's Headlines: UBS top bankers resign in wake of scandal

The two co-heads who ran the UBS unit in which a rogue trader caused $2.3 billion of losses have resigned, the Financial Times reports.

The co-heads of global equities - London-based Francois Gouws and New York-based Yassine Bouhara are leaving less than two weeks after former UBS CEO Oswald Gruebel was forced to quit. They will be replaced by Mike Stewart, who was scheduled to join as co-manager from Merrill Lynch before the scandal broke.

"Two weeks into an internal investigation into how Kweku Adoboli, the trader at the center of the scandal, was able to rack up such losses, the bank also said on Wednesday that 'appropriate disciplinary action' would be taken against other staff in the equities business and 'responsible staff in other functions,'" the Financial Times writes.

Other News:

Bank of America says a Web site upgrade combined with high traffic disrupted online service. [New York Times]

Anti-Wall Street demonstrations gain steam around the country, as more join. [Bloomberg]

The Anonymous Hackers group says it will target NYSE public Web site next week. [On Wall Street]

BlackRock CEO Fink says he understands why Wall Street protesters are angry. [Bloomberg]

Community banks used more than $4 billion of federal aid meant for small businesses to repay TARP funds. [Wall Street Journal]

EU court rules against George Soros in challenge to insider trading conviction. [DealBook]

FDIC's Volcker Rule tightens ban on banks' proprietary trading, new draft shows. [New York Times]

Bank of America CEO Moynihan says European debt crisis exposure "very small." [Reuters]

BlackRock's iShares targets individual investors after firm's success with institutional clients. [Bloomberg]

European Commission chief urges coordinated bank recapitalization amid crisis. [MarketWatch]

U.S. banks hate Dodd-Frank, but can't agree on how to make it better. [DealBook]

Barclays Wealth hires more U.S.-based bankers to expand Latin American business. [On Wall Street]

AUTHORDalia Fahmy Insider Comment

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