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October 30, 2012

Sweeping cuts accompany Swiss bank UBS’ fixed income market exit

  • 10,000 UBS employees will lose their jobs over the next three years as part of a 3.4 billion Swiss franc ($3.6 billion) company overhaul. The Swiss bank plans to exit the fixed income market, and return to a focus solely on private banking. Most of those laid off will be located in Switzerland, though sizable cuts are headed to the company’s UK and US operations as well. The first cuts went public today after a number of UBS employees were unable to to enter the bank’s building in London this morning. source
14:58 // 1 year ago
September 18, 2011

UBS: Losses from rogue trader much higher than originally reported

  • $2.3 billion estimated trading loss, up by $300 million source

» And the CEO won’t resign: Despite the black mark on his company’s record, Oswald Gruebel says he won’t resign due to the actions of rogue trader Kweku Adoboli. “I’m responsible for everything that happens at the bank,” Gruebel said. “if you ask me whether I feel guilty, then I would say no.” So how did Adoboli manage to hide his unauthorized trades? Well, before he became a trader, he worked in the back office, giving him knowledge of both sides of the coin. Authorities charged Adoboli in a London court on Friday.

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10:51 // 3 years ago
September 15, 2011

Rogue UBS investor showed signs of nervousness prior to arrest

  • last week UBS trader Kweku Adoboli had a weird plea on his Facebook page: “Need a miracle.” The plea came on the same day as Switzerland’s central bank put a limit on how quickly the Swiss franc can grow against the Euro. Wonder if they’re connected … yeah, we’re gonna assume probably.
  • this week After the bank realized it lost $2 billion on a series of unauthorized trades, Adoboli was arrested today. As one analyst, Fred Ponzo of Greyspark partners, put it: “The only way to dig a hole this big is by design.” In other words, UBS looks like it’s got some serious risk assessment problems. source

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20:35 // 3 years ago

UBS loses a ton of money thanks to one sketchy employee

  • one dude the number of people involved in rogue trading at UBS; Kweku Adoboli was arrested in London, and “suspicion of fraud by abuse of position” is to blame
  • $2 billion the amount of money said unauthorized trading will cost UBS; that’s, like, a major loss for the company, one that could wipe out the company’s quarterly profits source
9:28 // 3 years ago