UBS 'Rogue Trader' Report Delay Out Of Its Hands

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The media has reported that UBS stakeholders are becoming a little miffed that the bank has yet to release the details of its internal report into that $2.3bn unauthorized trading affair.

Critics suggest that the bank should have been able to establish exactly what went on fairly quickly (especially as Kweku Adoboli, the trader at the center of the affair, is understood to have been fairly forthcoming explaining what had happened), but appears to be in no rush to release the details.

It's not as easy as that, however, as there are actually four investigations into the affair and there's likely to be some pressure on UBS to withhold publishing its own findings until at least one of the other probes is also ready to go.

In addition to to the bank's internal investigation, the Board has commissioned an independent probe, UK securities regulator The Financial Services Authority and the Swiss regulator have asked KPMG to assist with their joint probe, and there is the UK Police investigation too, which is ongoing.

One banker told Here Is The City: 'The police probe could take a few weeks, and the regulator's report months, but UBS will be unlikely to wait that long before releasing further details of what it has uncovered. But the bank will probably want to compare notes with what the Board's investigation reveals. Both parties should basically be singing from the same hymn sheet, even though their investigations have been conducted independently. To be otherwise would be extremely embarrassing'.

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