Following the $2.3 billion loss at UBS believed to be caused by a lone rogue trader, Carsten Kengeter, the head of the embattled Swiss firm’s investment bank division, should really watch his step. Let’s just say he didn’t watch his step recently and instead put his foot in his mouth.
According to the New York Post, Kengeter was dining with a bunch of senior level bankers in New York several weeks ago when he made a comment about how UBS needs to cut costs like a “Jewish shopkeeper.”
Not surprisingly, that bigoted remark did not sit well with many of the dinner guests.
What’s more is the investment bank head only recently reached out and apologized for his inappropriate comment, sources told the Post.
Since the rogue trading scandal, Kengeter has come under criticism for his failure to maintain adequate risk management protocols.
Some insiders told the Post that he should have been ousted instead of Oswald Gruebel.