Kweku Adoboli

6 Stories

UBS Slapped With $47.5M Rogue Trader Fine

Defective controls led to $2.3B loss, UK regulators say

(Newser) - UBS has been fined $47.5 million for being sloppy enough to let a rogue trader lose $2.3 billion, the New York Times reports. British regulators fined the Swiss banking giant after concluding that the bank's "seriously defective" systems and controls allowed London-based trader Kweku Adoboli's... More »

UBS Slashing 10K Jobs

Swiss bank ditching riskier businesses

(Newser) - Swiss banking giant UBS is slimming down, and sacking nearly a sixth of its staff in the process. The bank has announced plans to lay off 10,000 people worldwide over the next three years as it retreats from investment banking to focus on private banking, the BBC reports. The... More »

UBS Chief Resigns After Trader's $2.3B Loss

Oswald Gruebel steps down from Zurich bank

(Newser) - UBS chief executive Oswald Gruebel has resigned over a $2.3 billion rogue trading loss . The bank said Gruebel's decision was an attempt to allow UBS to start afresh following the latest major scandal to hit Switzerland's biggest bank. Bank President Kaspar Villiger said the board tried to... More »

UBS Jacks Rogue Loss to $2.3B

Resolute CEO Oswald Gruebel says he's not quitting

(Newser) - UBS has revised the $2 billion loss it suffered at the hands of a rogue trader this week, and not in a good way: The actual damage was $2.3 billion, reports the BBC . The grim news comes amid increased scrutiny of the banking giant, after reports that its internal... More »

Rogue UBS Trader Turned Himself In

And that's the only way the bank found him

(Newser) - So who was the crack financial sleuth who caught rogue UBS trader Kweku Adoboli? Um, that’d be Kweku Adoboli. UBS’ internal systems didn’t blink at Adoboli’s $2 billion screw-up ; it only came to light because he brought it to his bosses’ attention, the BBC reports. The revelation... More »

Rogue UBS Trader Loses $2B

Swiss bank's shares dive after unauthorized trading revealed

(Newser) - A rogue trader at UBS has lost around $2 billion, the Swiss banking giant says. The unauthorized trades by a trader in its investment banking unit "could lead UBS to report a loss for the third quarter of 2011," but "no client positions were affected," the... More »

6 Stories