Zurich (Reuters)-Swiss bank (UBS) increase rogue equity trading, it says it has lost $2.3 billion, on Sunday and chief executive Oswald Gruebel said, because the suspicion of fraud will have consequences, and the strategy may also for myself.
"Obviously, these events will have an investment bank on the strategy of influence," an obvious dreads the Swiss television station, join Gruebel told, the company is now its investment bank of a new strategic soon.
"I'll take all the consequences of events, they will be released as soon as possible, because we put them in practice," he said.
Ubs leng on Thursday announced that unauthorized transactions has lost about $2 billion of the market. Last Friday Kweku Adob oli London dealer was accused of fraud and false accounting dates back to 2008.
Ubs in Sunday's statement hidden "unauthorized speculative trading in all the standard &poor's 500 index, the DAX index, and EuroStoxx index futures" in the past three months to create fictional hedge internal system position, dealers said.
"The problem is produced by the loss of $2.3 billion. As mentioned previously, no customer end location is affected," it said.
In recent months, the global market has extremely unrest in the euro zone, and the American debt crisis concerns greatly decreased, and then rebounded, hope its resolution.
GRUEBEL responsibility?
The loss is Switzerland's largest bank, just after the start of the recovery almost faint in the financial crisis, to avoid taxes, during to assist wealthy americans face the United States of the reputation of the investigation of the destructive disaster.
"The loss is bigger. Read as they find an excuse," Helvea analyst Peter thorn said that ubs in an E-mail statement.
New scandal, ubs to senior management personnel to step down, the investment Banks to split into a separate unit, its core wealth management business call.
Wheeler, in Mediobanca bank analysts Chris said, the pressure of ubs, in order to solve the investment bank fast.
"This plan no matter how to investors on November 17, the day, and is likely to their pressure to speed up."
Gruebel, be taken out of the bank, retiring in 2009 turned around in last Sunday's newspaper, quoted as saying that he didn't consider the crisis to give up smoking, but said it is the decision of the board.
On Sunday the memo to staff, he said: "finally, buck stop at me, I and other senior management personnel shall be responsible for handling and illegal behavior."
Swiss newspaper quotes don't wish to be named, insiders words, the board of directors and the important shareholders, ubs like Singapore sovereign wealth funds still support the bank needs to change the immediate the last thing, an obvious successor, lack of Gruebel.
Trust, safety, discretion?
The bank the three keys to sign the symbol of a "trust, safety, discretion," now pull said: "we will not rest", is the advertising agency lion design of global advertising campaign, trying to rebuild its image.
At the same time, ubs adviser to the customer has customers written guarantee bank's financial strength bottom, though they lost money in business, a spokesman said.
In his memo to staff, "" at this point, we now suffer this a setback in our efforts to improve our reputation is very disappointing, the event will also be in our nation's capital to the construction of a little Gruebel.
"However, I want to remind you that we as a fundamental advantages to remain the same...... we're still in the industry the most abundant one of the bank.
Ubs said its board has established, Morgan Stanley's former chief financial director, independent director David Steve sidwell will host a committee of the industry and the bank of the control system of independent investigation.
Close to the shore of a source said the industry, involving the name of about $10 billion worth of position.
The bank says, it covers the from unauthorized transaction pose risks, its securities business and was previously defined within the limit of risk management is normal.
It says, traders suspected conceal the fact, his trade in violation of ubs limit executive false exchange risk exchange traded funds (ETFs) position.
"Ubs control function is to rethink his position, he director, found the survey traders unauthorized activity, the bank says."
Etfs in exchange of the index is listed as common stock fund, can the same deal. They tried to copy the performance index, than actively managed funds provide a much lower cost, but regulators for some complex exchange-traded fund risk warning.
In the case of ubs involved in the documents, the industrial bank rogue traders, Jerome Kerviel deal, in 2008 he accumulative total loss of $6.7 billion, in the unauthorized transaction is similar.
Cloth los thanks, right-wing Swiss people's party (PPP) (SVP of vice President-the nation's largest-again called on him to investment Banks in the body.
"One is to conscientiously review the commercial bank of investment banking business ban," he told the newspaper, to join his SonntagsZeitung party may have left and middle of social Democrats team to promote this move.




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