By Meera Louis and Laura Marcinek - Sep 17, 2011 3:07 AM GMT+0700
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A Swiss flag flies above a UBS AG bank in Zurich. Photographer: Chris Ratcliffe/Bloomberg
Sept. 16 (Bloomberg) -- Kweku Adoboli, the trader arrested yesterday after UBS AG said it discovered unauthorized trades that caused a $2 billion loss, was charged with fraud and false accounting by London police. The 31-year-old appeared at the City of London magistrates' court with his lawyer, Louise Hodges, to face the charges. Bloomberg's Ryan Chilcote reports. (Source: Bloomberg)
Sept. 16 (Bloomberg) -- Wolfgang Matejka, founder of Matejka & Partner AM GmbH, talks about banking regulation after UBS AG lost $2 billion through unauthorized trading. He speaks from Vienna with Maryam Nemazee on Bloomberg Television's "The Pulse." (Source: Bloomberg)
Sept. 16 (Bloomberg) -- Ralph Silva, an analyst at Silva Research Network, talks about the outlook for banking regulation after a $2 billion loss reported by UBS AG yesterday from unauthorized trading. He speaks with Owen Thomas on Bloomberg Television's "Countdown." (Source: Bloomberg)
UBS AG (UBSN), the Swiss lender that says it sustained a $2 billion loss from unauthorized trading at its investment bank, told clients it “remains strong” and will scrutinize how it monitors risks.
While the loss “is disappointing, UBS remains strong, well-capitalized and committed to serving you,” executives at UBS Financial Services wrote yesterday in an e-mail to customers. Karina Byrne, a spokeswoman for the Zurich-based firm, confirmed a copy of the message obtained by Bloomberg News.
Kweku Adoboli, 31, a trader on the Delta One desk at UBS’s investment bank, was charged in the U.K. today with fraud and false accounting. UBS Chief Executive Officer Oswald Gruebel called the loss “unauthorized” and “distressing” in an e- mail to employees yesterday, without giving details.
“UBS is taking this incident very seriously,” the firm said in the e-mail to customers. “In addition to cooperating with the authorities, UBS will thoroughly review its risk management and control processes.”
To contact the reporter on this story: Meera Louis in Washington at mlouis1@bloomberg.net
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net
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