A man smokes a cigarette during a break outside the annual general meeting of UBS, Switzerland's largest bank, during which there was a shareholder revolt over the bank's catastrophic losses. These were due to over-exposure to the US sub-prime market. Furthermore an investigation into tax avoidance schemes in the US has threatened the very concept of banking secrecy. After being bailed out by the Swiss government following record losses, for a Swiss company, UBS was hit by a new scandal as a rogue trader based in London lost in the region of USD 2.3 billion in unauthorised trading. In response Oswald Grubel, Group Chief Executive Officer at UBS, resigned in September 2011.