UBS Board to Meet in Singapore earlier F1 Race to appraisal Rogue Trading Loss

UBS Board to Meet in Singapore earlier F1 Race to appraisal Rogue Trading Loss: ForexTV.com (NY) by Sterling Wong In contrast to the jubilation of fans & tourists, the mood of UBS directors will be decidedly gray at this weekend’s Singapore Formula One Grand Prix, as the Board prepares to meet earlier the race to review the $2.3 billion unauthorized trading loss. The UBS board has been regularly meeting in Singapore in Sept since it began sponsorship of the Singapore Grand Prix, where it also entertains clients. This time, directors at Switzerland’s greatest bank will review the rogue trading losses, in particular why it didn't get detected earlier, and possibly make management changes at meetings scheduled for Wed and Thursday. UBS CEO Oswald Grubel met Tuesday with senior executives from the firm’s biggest shareholder, the Government of Singapore Investment Corp (GIC), which holds a 6.6 percent stake that was bought earlier the 2008 financial crisis. GIC noted its displeasure with the bank for incurring the losses. GIC expressed disappointment and concern about the lapses and urged UBS to take firm action to restore confidence in the bank,” the sovereign wealth fund said in a rare world statement. Nonetheless, the fund expressed its confidence in UBS, saying, ““GIC’s view of UBS’ fundamental strength as a well- capitalized bank with a strong private wealth management franchise continues unchanged.”