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

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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.

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