And impacted the lives of hundreds, if not thousands, of people.
The news that UBS Group CEO Oswald Gruebel has resigned over that $2.3bn unauthorized trading scandal hasn't gone down well with everyone on the staff at UBS.
Here's the joint message from the Board of Directors and the Group Executive Board to UBS staff on the new leadership change.
UBS CEO fell on his sword over that $2.3bn unauthorized trading losses announced earlier this month.
And here's the latest breaking news from UBS.
We asked you whether you thought UBS Group CEO Oswald Gruebel should stand down or remain at the helm of the bank in the wake of that $2.3bn unauthorized trading loss.
UBS Group CEO Oswald Gruebel has sent staff a note on that $2.3bn authorized trading loss, in which he confirms: 'Ultimately, the buck stops with me'.