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At UBS, Itâs the Culture Thatâs Rogue
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UBS presents the losses at the London trading desk as a result of a rogue trading scandal. Stewart points to the culture a the UBS's investment banking operation that is partly responsible. Investment bankers he has talked to at UBS say there is a culture at UBS that encourages individuals to work separately in isolation from others, to make their own deals for advancement, a sort of every person for himself. There is no emphasis on team effort and thinking of the bank first.
Swiss bank UBS's $2 billion loss in Sept 2011 from trades made at its London trading desk
09/16/2011
Kweku Adaboli 31, was a director of the Exchange Traded Funds (ETF) at UBS. He engaged in derivative trades for customers of UBS without following up with the normal hedging of risks assumed in the derivative trades. He did this for three years since 2008. He has a degree in computer science from the University of Nottingham, where he was hired by UBS. He was transferred to the trading desk after working in backoffice operations till 2008.
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At UBS, Itâs the Culture Thatâs Rogue
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At UBS, Itâs the Culture Thatâs Rogue
New York Times 09/23/2011
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UBS Trader Charged With Fraud Appears in Court
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UBS Losses Alter Regulation Debate
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