September 18, 2011 / 4:42 PM / 8 years ago

Loss a setback in building capital: UBS CEO

ZURICH (Reuters) - UBS Chief Executive Oswald Gruebel said on Sunday the loss caused by rogue trading has hurt the bank’s bid to build its capital base, but it remains on the of the world’s best capitalised.

“This incident also sets us back somewhat in our capital-building efforts,” Gruebel said in a memo to staff obtained by Reuters.

“However, I wish to remind you that our fundamental strengths as a firm remain intact,” he said. “We remain one of the best capitalized banks in the industry.”

Gruebel said the firm’s management was focused on investigating the issue and would do everything possible to make sure it did not happen again.

“Ultimately, the buck stops with me. I and the rest of senior management are responsible for dealing with wrongdoing,” he said, but appealed for staff to help report any wrongful behavior in the workplace.

Reporting by Emma Thomasson; Editing by David Hulmes

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