UBS' CEO Booted

Things for UBS are just getting from bad to worse. The UBS "Rogue Trader" incident which was anything but rogue and certainly involved far more than just a trader, has struck at the very top and just claimed the scalp of the top man at the organization, forcing many to ask: just what is really going on behind the scenes at the embattled Swiss bank? Alas, this latest development means that life for the bank's other employees is about to become a (bonus free) living hell, as a complete overhaul of the employee base is imminent. From Reuters: "The board of UBS accepted on Saturday the resignation of Chief Executive Oswald Gruebel after the Swiss bank lost $2.3 billion in alleged rogue trading and said it had appointed Sergio Ermotti to replace him for now. Ermotti, a 51 year-old from Switzerland's Italian-speaking region of Ticino, joined UBS in April from UniCredit as head of Europe, Middle East and Africa. Before joining UniCredit in 2005, he worked at Merrill Lynch for 18 years. The board said in a statement it had asked management to accelerate an overhaul of the investment bank already under way "concentrating on advisory, capital markets, and client flow and solutions businesses". UBS's board meeting, one of four regular meetings per year, had originally been due to end on Friday ahead of the UBS-sponsored Singapore Formula One motor racing Grand Prix on Sunday, when executives will be trying to reassure big clients. But deliberations continued on Saturday by conference call after the board left Singapore on Friday with some members headed back to Switzerland, sources told Reuters. "