SINGAPORE (AP) — UBS Chief Executive Oswald Gruebel is meeting with the Swiss bank’s board of directors in Singapore amid criticism over a $2.3 billion rogue trading loss.
A UBS spokeswoman said Thursday that the board and top management may meet again Friday at the bank’s offices in the city-state.
The bank’s leadership had planned to be in Singapore because UBS is a major sponsor of the Formula One race being held on the island this weekend. Wealth fund Government of Singapore Investment Corp. said earlier this week in a rare public rebuke that it was concerned about lapses at UBS.
GIC is the biggest UBS shareholder with a stake of about 6.4 per cent. London-based UBS trader Kweku Adoboli was arrested last week and charged with fraud and false accounting for the loss.