26.9.2011
By Simon Miller
A group of US insitutional investors is considering whether to sue UBS over the rogue trading loss.
Financial Risks Today understands that US investors are considering their options in the light of Kewku Adaboli's rogue trading that led to a £1.5bn loss for the Swiss bank.
The investors are believed to be angry over what they perceive to be management failures that led to the latest trading scandal and are considering which jurisdiction would be suitable for a court action.
At the weekend, Oswald Gruebel resigned as chief executive of UBS, with Sergio Ermotti taking over as the interim boss.
It has been reported today that former Bundesbank chief Axel Weber has asked the German central bank if he can join UBS earlier than planned, in a sign the chairman-designate wants to exert his grip on the bank. Weber is not set to become chairman of UBS until 2013, thanks to central bank rules over a 'cooling off period' on former officials.
Shareholder group Ethos said it wanted Weber to join the board of directors as soon as possible.
"UBS can hold an extraordinary general meeting within a month. The bank has proved in the past that this is possible," Ethos director Dominique Biedermann told Reuters.
Other stories you may find of interest:
UBS formalises Ermotti as CEO
Sergio Ermotti has been appointed UBS Group CEO with immediate effect, the Swiss bank announced this morning.
UBS formalises Ermotti as CEO
Sergio Ermotti has been appointed UBS Group CEO with immediate effect, the Swiss bank announced this morning.
