UBS halts adverts after rogue trading incident
AFP · 20 Sep 2011, 08:37
Published: 20 Sep 2011 12:37 GMT+02:00
Updated: 20 Sep 2011 08:37 GMT+02:00
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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 22nd.