[ by Melanie Gretchen ]

UBS 's investment bank head is finally calling it a day, after the bank lost $2.3 billion in a trading scandal in 2011.   Just a year later, the bank lost an additional $1.5 billion and suffered severe reputational risk to settle allegations it manipulated Libor.

Carsten Kengeter will resign from his position as head of the Swiss bank's non-core division, in which he was assigned after the Libor scandal.  Considering the first recent scandal – the loss of $2.3 billion at the hands of trader Kweku Adoboli – was enough to force out CEO Oswald Grübel, it's not really surprising that Mr. Kengeter's time was limited, especially in the context of the firm's overhaul after the financial crisis.

"I want to thank Carsten for his many contributions to UBS during his four years with UBS, including his three years as C.E.O. of the investment bank, and I wish him the best for his future endeavors." -- CEO Sergio Ermotti, in an internal e-mail.

For further details, go to [Dealbook, 2/12/13].