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Oswald Grubel, Group Group Chief Executive Officer of UBS, responding to disgruntled shareholders at the annual general meeting, is shown on a video screen inside the entrance to the concert hall used as a venue for the AGM. Grubel, previously head of Credit Suisse, was brought in following catastrophic losses by the bank that necessitated a government bailout, as well as a major investigation into organised tax evasion in the United States which has called into question the future existence of Switzerland's banking secrecy laws. In September 2011 UBS was hit by a new scandal as a rogue trader lost in the region of USD 2.3 billion in unauthorised trading. In response Oswald Grubel, Group Chief Executive Officer at UBS, resigned in September 2011.