Losing Anything < $2 Billion, Whether Through Trading Or Regulatory Fines, Now Considered A Victory At UBS

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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18 Responses to “Losing Anything < $2 Billion, Whether Through Trading Or Regulatory Fines, Now Considered A Victory At UBS”

  1. UBS Management says:

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

  2. UBS Quant Quant says:

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

  3. Ron says:

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

  4. Guest says:

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

  5. Ron says:

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

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

  7. Sachin says:

    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

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