A 'rogue trader' trading for UBS lost over 2 billion dollars this month for UBS. This is big news and damages some credibility of UBS for investing. What do you think about UBS and this story? I think UBS is being a bit reckless for profits.
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A 'rogue trader' trading for UBS lost over 2 billion dollars this month for UBS. This is big news and damages some credibility of UBS for investing. What do you think about UBS and this story? I think UBS is being a bit reckless for profits.
This is incredible. Reminds me of the story about a private trader for a bank a few years ago not reporting losses until they mounted up to huge amounts! He ended up with a huge jail sentence. I don't think this is the case here, just some faulty investing and maybe taking on a bit too much risk. I'm sure UBS is working hard to make sure this doesn't happen again. :)
Sad to hear such a large bank can make these kind of mistakes. UBS should look more at their balance sheet and how they are teaching these traders that are managing their money. It's a volatile market out there but large bank investors should know better. Over 2 bil won't drop UBS though, they are a huge bank.Quote:
Originally Posted by Derrick
Yeah, personally I don't like the fact that the bank places the blame on one rogue trader. The UBS bank should take overall responsibility for the loss. $2B is no small loss but lots of the rich are losing big lately.Quote:
Originally Posted by Andrew
Think 2 twice for any investment.
I think so UBS is being a bit reckless for profits. UBS providing financial services in over 50 countries.
The article reports that UBS AG could experience rogue trader loss totaling 2.3 billion dollars following the arrest to Kweku Adoboli, the UBS' global synthetic equity business trader in London, England.