November 26, 2012 / 6:15 AM / in 5 years

Swiss regulator beefs up control measures at UBS

ZURICH, Nov 26 (Reuters) - The Swiss financial regulator said it would impose capital restrictions on UBS and an acquisition ban at the bank’s investment bank as it toughens up measures after a $2.3 billion trading loss at the bank.

Finma said on Monday that it had found “serious deficiencies in risk management controls” at UBS’s investment bank and would appoint a third party to ensure that corrective measures were implemented.

Finma launched an investigation with Britain’s financial regulator in September 2011 to review the control mechanisms at the bank that led to Kweku Adoboli, a trader on UBS’s “Delta One” desk, losing $2.3 billion for the bank.

Reporting by Caroline Copley

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