Police in London have arrested a 31-year-old man in connection with allegations of unauthorised trading which has cost Swiss banking group UBS an estimated $2bn (£1.3bn).
Kweku Adoboli, believed to work in the European equities division, was detained in the early hours of Thursday and remains in custody.
This seems to be something of a pattern at UBS. I always thought the Swiss were supposed to be the ultimate in banking.
Where on earth were the internal controls?
I keep reading stories about this, and I cannot tell if Adoboli was siphoning money into his personal accounts or simply engaging in fraud to cover his tracks when he made mistakes. Can someone tell me? In either case, Fr. Harmon is right. Internal controls should have prevented this or discovered it promptly.