UBS

  • 04 Jun 2014 at 10:37 AM

Kweku Adoboli Still Not Feeling That Guilty Verdict

Kweku Adoboli, the former UBS trader who caused a $2.3 billion loss through unauthorized trading, is trying again to get permission to overturn his conviction and seven-year sentence. Lawyers for Adoboli are scheduled to ask an appeals court in London today to grant him the chance to argue that the conviction should be thrown out. His initial claim was already rejected by a judge in July 2013, without a hearing taking place. Adoboli was convicted in November 2012 of two counts of fraud for causing the loss at the bank’s London unit. He argued at trial that managers at Zurich-based UBS pushed him to take too many risks and that rule-breaking at the bank was rampant. While he admitted causing the loss, he said it wasn’t done dishonestly. [Bloomberg]

And he’s worked in a lot of offices, so. Read more »

  • 24 Apr 2014 at 2:25 PM

Layoffs Watch ’14: UBS

The Swiss are said to have called some people into conference rooms where HR was waiting, which is never a good sign. Read more »

  • 22 Apr 2014 at 3:57 PM
  • Banks

Breaking: Banks Competing With Each Other

In a revolutionary development, it turns out that each would like the biggest piece of the stock-trading pie possible. Read more »

  • 26 Mar 2014 at 4:03 PM

UBS Tells Three FX Traders To Take Five

…while the firm tries to figure out if the trio engaged in any currency rigging. Read more »

  • 14 Mar 2014 at 4:11 PM

UBS Tried, And Failed, To Rig Hong Kong Interest Rate

…which elicited an utterly delightful response from the bank that sounds a lot like something the parents of a juvenile delinquent would say if it came out that their kid tried to burn down a building but was too high to light the match. Read more »

  • 27 Feb 2014 at 5:18 PM
  • Banks

Don’t Call Them A Foreign-Exchange Powerhouse

UBS, like JPMorgan Chase and Morgan Stanley before it, has struck upon the idea that if it’s not in the Euromoney FX league tables, regulators won’t notice all of the (allegedly) illegal currency-related things it does. Read more »

Back in November, UBS worked out a prettay, prettay, prettay sweet deal for itself re: Libor manipulation. Like many another bank, UBS’s employees had their way with London Interbank Offered Rate. Unlike many other bank, which faced stiff penalties for doing so, the Swiss struck an immunity deal with the EU wherein it paid a relatively small fine and then, in exchange for cooperating with authorities and “turning over information about other banks,” found itself in the clear. Anyway, that worked out so well for UBS last time that it’s decided to take the same approach with a new rate-rigging investigation, and save itself a coupla bucks. Read more »