Daily Digit: UBS Fine For Control Failures
£30 million is today's Daily Digit in Europe -- the amount UBS has been fined by the UK financial services regulator. That's the penalty for allowing a rogue trader to lose the bank $2.3 billion. Kweku Adoboli, who worked on UBS's Exchange Traded Funds desk in London, was jailed for seven years last week. He admitted trading far in excess of authorised limits.
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