UBS's Proprietary Chief Silver Resigns Amid Reported Losses

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SINGAPORE--UBS's investment banking arm, Warburg Dillon Read (WDR), announced last Friday that Richard Silver, formerly global head of proprietary trading for the bank in Singapore, has resigned by mutual agreement with immediate effect.

In his place, Michael Guarino and Christoph Meier have been named co-heads of the global proprietary business, with Richard Low managing the Asian section of this business from Singapore, reporting to Guarino and Meier.

Guarino is currently UBS's regional FX t