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UBS trading losses fuel push for split banking

September 17, 2011 in Grand Forks Herald

As regulators join the Swiss bank in scrambling to figure out how a single suspect could have racked up as much as $2 billion worth of rotten bets over three years, analysts and politicians say the catastrophic losses reinforce the case for divorcing retail banks from their investment arms. Continue Reading

London police: UBS trader charged with fraud

September 16, 2011 in Grand Forks Herald

An alleged renegade trader accused of losing Swiss banking giant UBS about $2 billion in unauthorized trading was charged today with fraud and false accounting, and ordered to appear before a London court.
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UBS, banking sector face fallout of $2 billion trading scandal

September 16, 2011 in Grand Forks Herald

As police in London obtained a 12-hour extension to question the trader, 31-year-old trader Kweku Adoboli, the bank’s investors and the wider industry wondered about the fallout, both for UBS as a storied Swiss financial institution and for the banking sector. Continue Reading

Banking stunner: Rogue trader suspected in $2 billion UBS loss

September 15, 2011 in Grand Forks Herald

Swiss banking giant UBS said today that a rogue trader has caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades. Continue Reading

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by INFORUM

Swiss bank to change mocked dress code

January 17, 2011 in INFORUM

GENEVA Good news for Swiss bankers: They may soon be allowed to wear red underwear, black nail polish and even eat garlic. Continue Reading