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UBS Fallout: When “Star Power” Counts Too Much In The Banking World

Back at HQ in Switzerland, the $2 billion debacle of UBS’s investment banking arm has focused attention on CEO Carsten Kengeter, who used to work for Goldman Sachs, and made his name in the pursuit of “risk”. Now 17,000 employees are slated for job cuts.

(twicepix)
(twicepix)
Andreas Flütsch

ZURICH - Soon after he was named CEO, the German-born "star" banker made it abundantly clear the way he ticks. Carsten Kengeter told attendees of Investor Day at UBS in London in November 2010 that he wanted to drive the UBS's investment banking arm as fast as his countryman Sebastian Vettel, Formula 1 World Champion, raced cars.

Less than a year later, he's now seen it crash and roll with a $2 billion rogue trader scandal, after the arrest in London of 31-year-old Kweku Adoboli, a UBS director of exchange traded funds, accused of "unauthorized trading."

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A man speaks on the phone as the oil refinery of Lysychansk in the Luhansk region, Ukraine, burns in the background

Lila Paulou, Lisa Berdet and Bertrand Hauger.

👋 வணக்கம்!*

Welcome to Monday, where Anthony Albanese is sworn in as Australia's new prime minister, a verdict is in for the first war crimes trial in Ukraine and the food & energy industrials get outrageously richer. In Colombian daily El Espectador, María Mónica Monsalve Sánchez explores how Colombia is toeing the line between carbon-offsetting and unabashed greenwashing.

[*Vanakkam, Tamil - India]

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