UBS Rogue Trader’s Losses Could Have Topped $12 Billion: Prosecutor
Kweku Adoboli, the so-called rogue trader of UBS who lost $2.3 billion in unauthorized trades, went on trial in London, and the prosecutor said the scale of his gambling put ‘the very existence of the bank at risk.’
Asian Millionaires Shun Wealth Managers
Wealthy Asians have lost confidence in not just private banks but also investment products and low returns since the market woes of 2008.
Probe of Libor Scandal Set by British Parliament
An investigation into the rigging of Libor has been set by the British Parliament as the City of London worries that its reputation as the world’s top financial center has been damaged beyond repair.
Barclays’ Diamond Blames Libor Fixing on Other Banks, Regulators
Moody’s cuts Barclays' outlook; investors may be on the hook for losses.
Bank of England Implicated by Barclays in Libor Fixing
Documents released by the bank indicate that he may have been given tacit approval by Paul Tucker, deputy BoE governor, to adjust Libor rates to be more in line with other banks after Whitehall expressed concern lest Barclays appear to be in trouble.
Man Group Reports $1 Billion in Outflows
The largest publicly traded hedge fund manager in the world, Man Group, saw net outflows of $1 billion in Q1 and reported a net drop in cash that made analysts wonder if it is spending too much.
China Stops FX Swaps With Some European Banks
Bank of China and another Chinese bank have stopped interest rate swaps and foreign exchange trading with a number of foreign banks, reducing their exposure to the euro zone.
UBS on Review for Moody’s Downgrade
The same day the $2 billion loss hit the news, the firm was placed on review by Moody’s Investors Service for possible downgrade over its risk control measures.
UBS Loses $2 Billion to Rogue Trader
A rogue trader could be responsible for Switzerland’s biggest bank failing to be profitable in the third quarter, after he managed to siphon off $2 billion in unauthorized trading.
Swiss Franc Tumbles Against Euro as National Bank Defends Currency
The Swiss National Bank on Tuesday stepped in to impose a ceiling on the exchange rate of the national currency on Tuesday, causing the franc to halt four straight days of gains and fall the most ever against the euro.