Yesterday saw the arrest of a 31-year-old man in connection with allegations of unauthorised trading which has cost Swiss banking group UBS an estimated $2bn (£1.3bn).
He has been detained by police in London.
Jonathan Siburn Assistant City Editor, Independent suggested: If ever there was an advertisement for splitting retail banks from investment banks, here it is. Looking for an example of casino banking? Voila!
There is public concern over the banking sector over the way it polices itself (Vickers Report out this week). Quite right too – $2bn a huge sum. Where was the governance, the controls that should stop this from happening?
It couldn’t happen in a project….surely not?
Surely no casino projects?
Project monitoring and control all in place, and working?
Read the story of the alleged unauthorised trading here