unauthorized trading
UBS may cut more jobs at its investment bankPosted by RJ and Makay on Oct 21, 2011 |
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UBS AG may shave about 1,700 more jobs at its investment bank as the firm continues to shrink its fixed-income business, according to JP Morgan Chase analysts. UBS had already unveiled plans in August to cut 3,500 jobs, including 1575 from its investment bank, in an effort to save 2 billion Swiss francs in annual costs by the end of 2013.
UBS co-heads of Global Equities resign as shakeup continuesPosted by RJ and Makay on Oct 06, 2011 |
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Francois Gouws and Yassine Bouhara, the co-heads of UBS’s global equities business, resigned today from the embattled Swiss banking giant in the wake of the bank’s $2.3 billion loss from unauthorized rogue trading. UBS said the “resignations come as they assume overall responsibility for the effective management of the equities business.”
UBS rocked by $2 billion rogue trader lossPosted by RJ and Makay on Sep 16, 2011 |
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UBS AG (UBSN) may be unprofitable in the third quarter after a $2 billion loss from unauthorized trading at its investment bank, the Swiss banking giant said today. Kweku Adoboli, a 31-year-old employee who served as a director of exchange traded funds and Delta 1 trading, was arrested early this morning at UBS’s London office on suspicion of fraud by abuse of position, according to inside sources.
Merle Shain
