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Daily Digit: UBS fine for control failures

Monday, Nov 26, 2012 - 00:42

Swiss bank UBS is fined £29.7 million by the UK financial services regulator for major control failures that led to a rogue trader losing $2.3 billion. Joel Flynn reports.

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£30 million is today's Daily Digit in Europe -- the amount UBS has been fined by the UK financial services regulator. That's the penalty for allowing a rogue trader to lose the bank $2.3 billion. Kweku Adoboli, who worked on UBS's Exchange Traded Funds desk in London, was jailed for seven years last week. He admitted trading far in excess of authorised limits. The Swiss Bank has been accused of having "seriously defective" risk control systems and has been put under extra scrutiny by its home regulator. It says it's one of the most financially sound global banks, but has accepted the £29.7 million penalty.

Daily Digit: UBS fine for control failures

Monday, Nov 26, 2012 - 00:42

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