Report - More UBS Staff Likely To Go Over 'Rogue Trading' Affair

UBS Fractured

This will come as no surprise.

City A.M reports that 'several' senior execs from UBS's Risk Management unit are likely to leave the firm in the next several days, as the bank digests its internal report into that $2.3bn rogue trading affair.

In the meantime, Swiss daily Tages-Anzeiger reports that UBS Chairman-designate Axel Weber (who is not even due to take the Chair until 2013) is being consulted by the bank's board as its bids to find a successor to departed Group CEO Oswald Gruebel. According to the newspaper, Weber's clear favorite is Deutsche Bank's Chief Risk Officer Hugo Banziger, who we also have as the leading external candidate.

Finally, The Financial Times reports that there are probably a number of banks (especially Chinese ones) who are eying up UBS's Asian businesses, hoping they might be able to put in a sneaking bid as the Swiss firm reels from the trading scandal. Well, hope they might, but it won't do them much good. UBS didn't spend the best part of 10 years building up this very successful franchise just to give it away when the going got tough.

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