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]
- Hedge Fund Manager Keeps A Detailed Record Of All The Asses He's Grabbed
- Bonus Watch '14: Congrats On Being An Investment Banker
- Bill Gross Reacts To George Soros's $500 Million Investment Like He's Been Awarded The Presidential Medal Of Freedom
- Steve Cohen Continues To Rid Firm Of Incentives For Employees To...Y'Know...
- Opening Bell: 11.21.14
- David Rubenstein Will Have Warren Buffett Know He's Not A Porn Shop Operator
- Mathew Martoma Is In Miami
- Goldman Sachs Is Smart
- Rich People Are People, Too
- Paulson, Soros Wouldn’t Mind Taking That Home Builder Off Spain’s Hands
- Executive Editor
- Bess Levin
How Can We Help You?
- Send tips to:
- For tech issues email:
- For advertising or events email:
- For research or custom solutions email:
- Dealbreaker is published by Breaking Media.
For a full list of our sites, services and staff visit breakingmedia.com