Government of Singapore Investment Corp. said its senior management met with UBS AG Chief Executive Officer Oswald Gruebel today to discuss the “alleged fraudulent trading” that led to a US$2.3 billion ($2.9 billion) loss.
“GIC expressed disappointment and concern about the lapses and urged UBS to take firm action to restore confidence in the bank,” Singapore’s sovereign wealth fund, which is the biggest investor in UBS, said in an e-mailed statement. “GIC’s view of UBS’ fundamental strength as a well-capitalized bank with a strong private wealth management franchise remains unchanged.”
No comments:
Post a Comment