UBS board meeting in Singapore amid trading fiasco

AP News
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Posted: Sep 20, 2011 10:24 AM
UBS board meeting in Singapore amid trading fiasco

The board of Swiss bank UBS is meeting in Singapore this week to discuss the impact of its recently revealed $2.3 billion rogue trading loss.

UBS chief executive Oswald Gruebel will face scrutiny from major shareholders Wednesday including the Government of Singapore Investment Corp. The Southeast Asian city state's sovereign wealth fund holds more than 6.4 percent of UBS's stock.

Gruebel has said he doesn't plan to resign over the unauthorized trades carried out by a London-based trader. The loss is expected to drive the bank's third-quarter results into the red.

UBS spokeswoman Tatiana Togni declined to comment on the agenda for the board meeting that had been planned before the trading loss was announced Thursday.