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UBS To Get Tough With Those Who Failed In Their Duty

Magnifying Glass

UBS's internal probe into that $2.3bn unauthorized trading loss has, according to Acting Group CEO Sergio Ermotti, revealed that the bank's 'risk and operational systems did detect unauthorized or unexplained activity but this was not sufficiently investigated nor was appropriate action taken to ensure existing controls were enforced'.

UBS's New Equities Boss Under No Illusions About 'Challenging' Task

UBS Fractured

Mike Stewart is the new head of Global Equities over at UBS Investment Bank, following the resignations of Francois Gouws and Yassine Bouhara, the previous co-heads, who both left the firm as they have assumed overall responsibility for the effective management of the business and therefore that $2.3bn unauthorized trading loss.