The COOs of UBS’ global equities unit have stepped down from their posts as the bank moved to clean house after September’s $2.3 billion trading scandal, The Wall Street Journal reports. Francois Gouws and Yassine Bouhara will be succeeded by Mike Stewart.
Stewart, who recently joined the Swiss bank from Bank of America Merrill Lynch, was slated to replace Bouhara as co-head of the unit. Eight other equities executives, including the two COOs, were also suspended pending the result of an investigation.
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