UBS chief executive Carsten Kengeter is set to leave “after a short transition,” reports ft.com. Sam Molinaro will take over his role.
The news comes after UBS was fined yesterday for exposing customers to unacceptable risk in the selling of an investment fund. The Swiss bank has recently been plagued with Libor scandal.
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UBS fined $14.8 million for unacceptable investment risks
Ex-UBS bosses deny Libor knowledge