Why did Swiss Bank Corp managers take so many of the key positions in the newly merged United Bank of Switzerland? One suggestion, which they won’t comment on, is that SBC far outshone its bigger rival Union Bank of Switzerland in risk management and control.
As an example, there were rumblings about Union Bank’s equity derivatives and equity convertible books, regarded by the market as “brave” and “adventurous” (in other words “mispriced”) which were suddenly shut down in October.
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