FBI begins probe into JP Morgan

GENEVA, SWITZERLAND – The US Federal Bureau of Investigations has opened a preliminary inquiry into a $2 billion trading loss at JP Morgan Chase, which led to the resignation Monday 14 May of the bank’s chief investment officer, Ina Drew. Shareholders defended the investment bank’s chief Jamie Dimon at the annual general meeting, rejecting a […]

UBS staff could see bonus cuts linked to trader’s loss

ZURICH, SWITZERLAND – Bonuses at Swiss bank UBS’s investment bank could be cut by up to 10 percent to help cover the CHF1.8 billion lost by rogue trader Kweku Adoboli earlier this year, new chief executive Sergio Ermotti has told the Financial Times. The bank was criticized after it published third quarter results 25 October, […]