Kweku Adoboli, the former UBS employee accused of unauthorised trading, which has cost the Swiss bank around $2.3 billion in losses, will be remanded in custody until December 30.
Click on the links below for in-depth Euromoney coverage surrounding the event and risk management issues that blight UBS.
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UBS rogue trader exploited ETF settlement loophole
New disclosures on UBS’s $2.3 billion loss adds to doubts about the quality of Swiss bank’s risk management controls and practices
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Exclusive: UBS’s operational risk management unit used rogue trader loss events data
Euromoney exclusively reveals that UBS’s operational risk management unit uses a database of case studies of major loss events, including other rogue trader scandals in history
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Reading between the lines on what UBS’ announcement means for its investment bank
A “less capital intensive bank” will have people working in much of UBS’s FICC business looking for an exit.
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Editor’s letter: UBS loss only raises more questions
Disclosures from UBS about the details of the alleged fraudulent trading that has cost the bank $2.3 billion raise more questions than they answer about the extraordinary results.
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Abigail with attitude: Chaos in the ranks at UBS
Grübel should have stayed to steady the ship; Ermotti becomes fourth CEO in four years, but what are his credentials for the role?; and a lame duck chairman cannot be the right person to force through the changes that UBS urgently needs to make
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Risk managers lack tools to monitor rogue trading
UBS rogue trading scandal most likely occurred due to the lack of risk management tools needed to monitor trades between bank silos, says operational risk expert.
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Rogue trader scandals: roll-call of shame
With the arrest of UBS’s Kweku Adoboli on a charge involving $2 billion of losses accumulated from unauthorized trades, Euromoney takes a quick look at some of the largest rogue trader scandals to hit the headlines.
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Banks have not learnt lessons on risk management
It is clear that the banks that paid huge sums to financial engineers to fill their balance sheets full of toxic waste stopped digging their way into that hole rather quickly after the shock of 2007 and 2008 and have spent the time since trying to dispose of assets and garner the financial wherewithal to write down or at least reserve against those they can’t sell.
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– Euromoney Skew Blog
