Banking giant UBS are slowly coming to terms with what may be the largest rogue trading scandal ever to hit the city. In the wake of this upheaval, it’s heartening to see the UBS boss step up to the mark and rally his troops through this tough period.
However, in the face of adversity, the banking giant is showing rigor and determination in getting back on its feet. Reports claim that chief executive, Carsten Kengeter, is now rallying his staff to help move on from the incident and move forward. In an email to his employees, he urged them to move past the scandal ‘forcefully and decisively.
The Swiss organisation is said to have lost around $2.3bn due to unauthorised trading carried out by rogue trader Kweku Adoboli, which of course has been a devastating blow to UBS. Just three weeks before these revelations, they had announced a major cost-cutting drive. This has left staff greatly unsettled about the impact these new losses will have.
The bank is making every effort to reassure staff and clients that they are on top of the situation and are striving forward to emerge stronger from the recent events. The UBS head claims that the organisation is now inundated with messages of support and that clients continue to place new business.
It seems that all partners, clients and employees are pulling together to help make sure they continue to provide a healthy, vibrant investment banking service. Although the losses are huge, it seems that the spirit of recovery is equally as large, and, it should be noted, it’s positive to see a banking organisation showing a robust, united and determined front in the face of more unexpected turbulence.
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