Economics
Adoboli Trading Loss Hastened UBS Investment-Bank Retreat
This article is for subscribers only.
Fourteen months after the largest loss from unauthorized trading in British history, UBS AG is accelerating a retreat from risk taking.
The actions of Kweku Adoboli, the 32-year-old former trader found guilty of fraud in a London court yesterday, hastened a strategic review that culminated in a decision to eliminate 10,000 jobs and dismantle portions of an investment bank UBS spent more than a decade building.