UBS’s $1.5 billion settlement for manipulating interbank lending rates is the fourth separate regulatory finding against the Swiss group in as many years – underlining the failure of bank executives to reform the corporate culture…Just last month, a London jury convicted one of UBS’s former traders, Kweku Adoboli, of the biggest banking fraud in British history after he lost $2.3 billion in rogue trades. The FSA also fined the bank 29.7 million pounds ($39.2 million) for allowing the unauthorized trades. The trading loss is now seen among UBS staff as the new benchmark of wrongdoing, with reports of relief among employees that the bank’s $1.5 billion global Libor settlement was “only half an Adoboli.” [FT]

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Comments (18)

  1. Posted by UBS Management | December 21, 2012 at 4:33 PM

    We spent all of 2012 setting the bar low as low as possible so we can smash through it come 2013!

  2. Posted by UBS Quant Quant | December 21, 2012 at 5:36 PM

    Only at UBS could $1.5bn = half $2.3bn

  3. Posted by Ron | December 21, 2012 at 9:37 PM

    Sharp broadcast. Everyone on the floor as well. Great stuff.

  4. Posted by Guest | December 23, 2012 at 11:40 AM

    Take half an Adoboli and if it still hurts in the morning take the other half.

  5. Posted by Ron | December 24, 2012 at 7:31 AM

    How much can a firm lose before going out of business? Just curious.

  6. Posted by Financial Samurai | December 24, 2012 at 8:01 PM

    And big bonuses will still come rolling into UBS employees. Sorry haters!

  7. Posted by HSB | December 26, 2012 at 1:47 PM

    If we can achieve record profit after being caught laundering money for drug cartels and terrorists, losing a few billion isn't that big of a deal.

    – .. C

  8. Posted by Correction | December 27, 2012 at 6:46 AM

    The last time I recall UBS even paying bonuses was when it was called SG Warburg.

  9. Posted by Everyone else | December 27, 2012 at 7:21 PM


  10. Posted by Sachin | December 28, 2012 at 9:34 AM

    Why isn't any bank CEO put behind bars? WE NEED ONE BANK CEO GONG BEHIND BARS IN THE U.S., AND INE IN EUROPE! Until the crooks at the top are not stopped, u cannot hope to improve the system

  11. Posted by Guest | December 28, 2012 at 9:57 AM

    Let's be careful now. If you dig too deep, eventually it will hit the top folks in the government. We don't really want that, do we?

  12. Posted by Curious | December 28, 2012 at 1:25 PM

    What would you suggest the charges would be?

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