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A shareholder makes a call on a mobile phone as he leaves the annual general meeting of UBS, Switzerland's biggest bank, held in a concert hall in Basel. There was a shareholder's revolt over the conduct of the bank's previous administration, which attendees regarded as responsible for record losses for a Swiss company, following exposure to the US sub-prime market and also a major investigation in the US into organised tax evasion that has called into question the whole concept of Switzerland's hallowed banking secrecy. Furthermore, a new scandal emerged in September 2011 when a rogue trader based in London was discovered to have lost in the region of USD 2.3 billion in unauthorised trading. In response Oswald Grubel, Group Chief Executive Officer at UBS, resigned.