Kweku Adoboli, the trader accused of losing $2.3 billion in unauthorised deals at Swiss bank UBS, will remain in jail until a hearing next month, a London court ruled Thursday. Adoboli’s lawyer said his client was “sorry beyond words”.
Swiss banking giant UBS now estimates that a rogue trading scandal has cost it upwards of $2.3 billion as the bank’s head, Oswald Gruebel (pictured), rejected calls for his resignation on Sunday, saying he bore no guilt over the incident.
A trader accused of losing $2 billion in unauthorised trades at Swiss banking giant UBS has been charged with fraud by a London court and ordered to remain in custody until a further hearing next week.
Money dominates - from the lavish lifestyle of Muammar Gaddafi's fourth son, Hannibal, to a new rogue trader scandal and the financial woes of beautiful young things on the New York catwalk. That's the focus of this world press review, Friday 16th September 2011.
Swiss banking giant UBS reported Thursday its discovery of unauthorised trading by an employee in its investment banking sector, causing a loss of an estimated $2 billion. Police in London have since arrested a man in connection with the case.
Could Swiss banking secrecy become another victim of the global economic downturn? Foreign governments are seen to be gunning for it, saying they want to track down tax cheaters. Some Swiss people, however, say there's an ulterior motive. In Beyond Business, find out why they're accusing the United States and the UK of playing a game of dirty tricks.
Switzerland's lower chamber approved Tuesday by 81 votes to 61 a deal with the United States settling US litigation against Swiss banking giant UBS over tax evasion, securing overall parliamentary endorsement for the agreement.
Switzerland's parliament rejected by 104-76 votes on Tuesday a landmark 2009 out-of-court settlement that the government had reached with banking giant UBS and the United States to reveal 4,450 American bank clients' names.
A Swiss court has upheld an appeal in a ruling that could pave the way for UBS to keep the details of its clients who are US citizens secret, despite a 2009 deal to share client information with US tax authorities.
A former American banker at Swiss banking giant UBS was been sentenced to three years and four months in prison by a US federal court Friday. The banker helped wealthy US clients evade taxes.
