This incident has worldwide repercussions, including political ones,” he wrote. “That it was possible for one of our traders in London to inflict a multi-billion loss on our bank through unauthorised trading shocked me, as it did everyone else, deeply. They also cast a huge shadow across the entire industry and make tough new regulations far more likely, as the 67-year-old hinted in a memo to staff after he quit. The alleged rogue trades have killed any remaining ambitions UBS might have to compete with the titans of Wall Street. It was also an admission that the bank’s latest scandal has effectively undone all his efforts over the past two years to lobby against tougher bank regulations. Gruebel’s decision to leave a year or so ahead of schedule was not just a response to the immediate crisis at UBS. Though the board had not yet gone public with the news, it had decided to accept Gruebel’s resignation and appoint an interim replacement. ![]() The bank’s board had met in Singapore that afternoon to discuss the loss of $2.3 billion by an alleged rogue trader in its London-based investment banking arm. At its entrance stood three Singaporean women wearing red and white polo shirts, each holding a sign emblazoned with the UBS logo and the slogan “Welcome, the race starts here”.įor UBS chief Oswald Gruebel - and perhaps for UBS as it is currently constituted - it was more like the end of the road. One by one, senior executives of Swiss bank UBS entered the lobby, which is designed by Pritzker-winning architect Kevin Roche and features a soaring glass ceiling, and made their way to the gold-coloured lifts that whisk guests up to rooms that overlook the Marina Bay street circuit.Īs the bankers sped past works of art by the likes of Henry Moore, David Hockney and Frank Stella, some made their way straight to a lounge UBS had hired to entertain clients during the race weekend. ZURICH/SINGAPORE, Sept 26 (Reuters) - Late last Friday afternoon, as Formula One teams readied their cars for a practice session ahead of the Singapore Grand Prix, the entrance hall of the nearby Ritz-Carlton buzzed with activity.
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