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UBS Jacks Rogue Loss to $2.3B

Resolute CEO Oswald Gruebel says he's not quitting
By Polly Davis Doig,  Newser Staff
Posted Sep 18, 2011 10:21 AM CDT
UBS Jacks Rogue Loss to $2.3B
Oswald Gruebel, CEO of Swiss bank UBS, speaks during a press conference in this file photo dated Tuesday, July 27, 2010, in Zurich, Switzerland.   (AP Photo/Keystone, Steffen Schmidt, file)

(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 controls failed to detect the unauthorized trades of Kweku Adoboli. UBS insists that the revelation came about after it started poking around; regardless, all three major credit ratings agencies are giving UBS a fresh look, notes the BBC.

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UBS CEO Oswald Gruebel isn't exactly down in the dumps over the disaster, and says that he's not quitting. "I'm responsible for everything that happens at the bank," Gruebel told a Swiss newspaper. "if you ask me whether I feel guilty, then I would say no." (Read more UBS stories.)

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