‘Swiss’ and ‘staid’ are no longer two words that you can link, if a third word, ‘bank’, is present. The management of UBS must hope that investors don’t decide that ‘secure’ is another word that they do not want to associate with ‘Swiss’.
The news last week that UBS had managed to lose $2.3 billion because of the alleged activities of a rogue junior trader sent shock waves through the banking industry. Market participants could not comprehend how in this age of ‘regulator rules all’ such a pernicious event could occur.
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