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John Cryan, Chief Financial officer of UBS, announces diappointing annual results during a press conference in April 2011. After being bailed out by the Swiss government, in 2008, following record losses, for a Swiss company, caused by excessive exposure to the U.S. sub-prime market, UBS was hit by a new scandal in September 2011 as 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.