The Swiss bank has this afternoon put out a statement announcing the departures of its co-heads of global equities following the alleged rogue trades that have led to up to $2bn in losses. In a statement, UBS said that Francois Gouws and Yassine Bouhara had resigned while "appropriate disciplinary action will be taken against other individuals in the equities business".

Mike Stewart, who joined from Bank of America Merrill Lynch in July, has become sole global head of equities.