Guilty: Adoboli gets seven years for trading fraud November 20, 2012 ROGUE former UBS trader Kweku Adoboli, whose unauthorised trades lost the Swiss bank $2.3bn (£1.4bn), was yesterday jailed for seven years after being convicted of one of the biggest frauds in British history. Adoboli, once pegged as a rising star on the Exchange Traded Fund desk at the bank’s Finsbury Avenue offices, was found guilty [...]
How one rogue trader’s actions have inspired changes at UBS November 20, 2012 THE UBS of today is quite a different bank to the one that employed Kweku Adoboli up to the time of his fraud last year. It has a different chief executive, following the departure of Oswald Grubel very shortly after the scandal broke, and it has a finely tuned strategy that now emphasises the client-focused [...]
Credit Suisse cuts back asset management November 20, 2012 CREDIT SUISSE shares slumped yesterday as new plans to streamline the bank disappointed analysts and investors who had hoped for tougher cuts to fixed income operations. The Swiss bank is part way through a SFr4bn (£2.67bn) cost-cutting plan, and is now folding its asset management arm into its private bank, as well as reasserting its [...]
Ex-SAC hedgie arrested in US insider scheme November 20, 2012 A FORMER hedge fund manager who worked for a fund affiliated with Steven A Cohen’s SAC Capital was arrested yesterday in what US prosecutors are calling “the most lucrative insider-trading scheme ever”. Mathew Martoma, who worked for CR Intrinsic Investors in Stamford, a unit of SAC Capital, has been accused of making more than $276m [...]
Allen & Overy revenues fall in tough first half November 20, 2012 THE CITY was given its first hint of how the upcoming round of law firm results will look yesterday, when Magic Circle stalwart Allen & Overy posted a 2.7 per cent fall in turnover for the first half. Turnover fell to £566m from £582m in the same period last year, though the firm said that [...]
HP’s staggering accusations drag in City’s largest firms November 20, 2012 THIS paper does its best to avoid editorial hyperbole, but when a firm takes an $8.8bn writedown on an $11bn acquisition barely 12 months after the deal I might just make an exception. It’s completely flabbergasting. Analysts and shareholders alike may have baulked at the steep price that Hewlett-Packard shelled out for UK tech darling [...]
Energy reform plans slammed by big business November 20, 2012 BUSINESS groups yesterday blasted new government plans to ensure lower energy bills for consumers. Energy secretary Ed Davey announced the proposals, intended to be included in the forthcoming Energy Bill, which will limit suppliers to four core tariffs and ban so-called dead tariffs, so that no consumer is left on an out-of-date deal. But business [...]
Juve nudge Chelsea and Di Matteo to brink of exit November 20, 2012 JUVENTUS 3 vs CHELSEA 0 BELEAGUERED Chelsea manager Roberto Di Matteo tempted fate last night by admitting he is to blame for a loss that leaves the Champions League holders on the brink of crashing out at the first hurdle. Juventus goals from Fabio Quagliarella, Arturo Vidal and Sebastian Giovinco piled further pressure on Di [...]
Clock ticking on QPR as Ukraine eye Redknapp November 20, 2012 QPR could be forced to hurry a decision on the future of under-fire manager Mark Hughes after it emerged Ukraine want to hire the man tipped to replace him at Loftus Road, Harry Redknapp. Hughes remains in charge despite crisis talks with chief executive Philip Beard on Monday, 48 hours after their season lurched to [...]
Henry in line for shock third Gunners spell November 20, 2012 ARSENAL manager Arsene Wenger has hinted Thierry Henry could make a shock return on loan from New York Red Bulls in January for a third spell at the club. The Gunners’ record goalscorer enjoyed a brief spell back at Arsenal last season, scoring in a 1-0 win over Leeds in the FA Cup and hitting [...]
