According to the Financial Times report, UBS suffered unauthorised trading on the Africa desk of its UK wealth management division in 2007 and initiated a root-and-branch review of its compliance procedures, a UK tribunal has heard..
The revelation of fresh rogue trading incident comes as Sergio Ermotti, the new chief executive of UBS, is set to tell investors in New York on Thursday how he will overhaul the troubled bank following a $2.3bn trading scandal this year. Kweku Adoboli, a former UBS employee charged with fraud and false accounting, is due in the coming days to enter a plea in the case that caused the $2.3bn trading loss for the bank. The discovery of the substantial trading loss led to the departure of ex-chief executive Oswald Grübel.
Mr Ermotti is expected to set out a drastic cut to the investment bank with a shift away from the fixed-income business. Analysts at JPMorgan suggested on Wednesday that it would be “in both shareholders’ and [the] Swiss government’s interest” for UBS and Credit Suisse to combine their investment banks…
Read more about it at http://www.cnbc.com/id/45333846
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