UBS `was warned over controls'

Monday 30 March 1998 23:02 BST

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

UBS `was warned over controls'

UBS yesterday declined to comment on a report that Mathis Cabiallavetta, the Swiss bank's chief executive, was warned of inadequate controls on derivative trading in London five years ago. According to the SonntagsZeitung newspaper, Hans-Peter Bauer, formerly head of derivatives at the bank, voiced concerns to UBS top management in 1993. Earlier this year, the bank admitted losing almost pounds 200m on equity derivative and proprietary equity trading in 1997.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Stay up to date with notifications from The Independent

Thank you for registering

UBS `was warned over controls'

Join our commenting forum

Thank you for registering