Monday, 22 September 2014
Last updated 2 days ago
Oct 6 2011 | 10:31am ET
A top UBS prime brokerage executive has found himself with a lot more on his plate in the wake of the US$2.3 billion trading scandal at the Swiss bank.
With one of the equities division's chief operating officers having resigned and the other suspended, Don Francese has been named interim CEO of the division, investment-banking chief Carsten Kengeter told employees in an internal memo. Francese is currently COO of the bank's prime services division.
The resignation of Niraj Gudka, one of the co-COOs, as well as the co-heads of the whole equities division, François Gouws and Yassine Bouhara, follows last month's revelation that a rogue trader lost US$2.3 billion in authorized trades. UBS CEO Oswald Grüber also resigned in the wake of the scandal, and seven people have been suspended pending an investigation.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.