The chief executive of Swiss banking giant UBS resigned Saturday to take responsibility for a multi-billion-dollar rogue trading loss.

Oswald Gruebel handed in his resignation, which was accepted by the UBS board of directors in Zurich.

A bank statement said UBS Europe chief Sergio Ermottie has been named as interim CEO effective immediately.

London-based trader Kweku Adoboli was arrested last week and charged with fraud and false accounting, in connection with $2.3 billion of unauthorized trading.