NEW YORK ( TheStreet) -- UBS ( UBS) announced the departure of two top executives of its equities business in the wake of the recent rogue trading scandal that cost it $2.3 billion in losses for the quarter. The investment bank said that it had accepted the resignations of Francois Gouws and Yassine Bouhara, co-heads of Global Equities, as they assume "overall responsibility for the effective management of the Equities business." Mike Stewart, former head of equities at Bank of America Merrill Lynch ( BAC) who joined the Swiss bank in July, will take over as sole global head of Equities at UBS. UBS disclosed early September that a 31-year old trader, Kweku Adoboli, who worked in the bank's "Delta One" trading desk, had been making unauthorized trades since 2008. The news brought the investment bank 's risk management practices into question and forced the resignation of CEO Oswald Grubel. Gruebel has been temporarily replaced by Sergio Ermotti . The company is on the hunt for a new CEO and reports suggest it may be looking at former JPMorgan Chase investment banking head Bill Winters. UBS said on Wednesday that further disciplinary action will be taken against other individuals in the Equities business and other responsible staff in other functions. It did not elaborate on further details of rogue trade as independent investigations are still ongoing. The bank said on Tuesday that it expects to make a modest profit for the third quarter, despite the trading loss as a result of an accounting gain from the falling value of its own debt. --Written by Shanthi Bharatwaj in New York >To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.