UBS halts adverts after rogue trading incident

19th September 2011, Comments 0 comments

Swiss banking giant UBS said Monday it had suspended all its advertising campaigns after the discovery of rogue trading that cost it 2.3 billion dollars.

The bank said that the current context was not suitable for an advertising campaign which was unlikely to reach its objective of gaining new clients.

"There is no point in engaging in an advertising campaign focused on confidence and competence, when an investigation is ongoing on this case," UBS-Switzerland's head of communication told the Internet site Klein Report.

The bank announced on Thursday that it had lost two billion dollars in unauthorised transactions by one of its traders, before upping the sum to 2.3 billion.

Kweku Adoboli, the 31-year-old trader alleged to have committed the fraud, has been charged in London and remanded in custody until his next court appearance on September 22.

© 2011 AFP

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