Four leave after UBS suffers big trading loss
Thursday 20 November 1997
UBS refused to quantify the size of the loss, declined to make any comment on whether the losses resulted from fraudulent trading and would not discuss the circumstances surrounding the departure of the four employees. Traders at other City houses reckoned the losses suffered by UBS could top pounds 220m.
The New York-based traders were Ronny Apfel, Neall Tahalmein and Allen Burstein. Mr Goldstein was described by one trader last night as "an extremely sharp guy", and was generally considered to be one of the most talented dealers in the City. All four worked for UBS's equity derivatives department.
One trader said: "The view here is that they [the four traders] were sacked because they lost money, not because anything underhand, such as mispricing, was going on." But another said he was "very surprised" at Mr Goldstein's departure and the manner of the departure suggested "something big" had gone on.
In August, UBS said its first-half figures for its equity derivatives department were "unsatisfactory". The bank did not detail results for its equity derivatives division, but total trading income rose by just 1 per cent. One banking observer said last night: "The first-half results, though disappointing, do not seem sufficient to warrant Mr Goldstein's departure."
Mr Goldstein's responsibilities will transfer to Hans Peter Bauer, global head of fixed income, currencies and derivatives. The departure of the derivative traders is thought by some dealers in the City to be part of a big reshuffle. UBS is likely to announce details of a wide-ranging shake-up of management tomorrow.
- Lea Paterson
- 1 Planes go hybrid-electric in important step to greener flight
- 3 Antonio Martin shooting: Mayor says there should be 'no comparison' to Ferguson
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...