Bloomberg News

Ermotti Says Trading Activity Wasn’t Sufficiently Investigated

October 05, 2011

Oct. 5 (Bloomberg) -- UBS AG interim Chief Executive Officer Sergio Ermotti said the bank’s internal investigation showed that risk and operational systems detected “unathorized or unexplained activity,” but this was not sufficiently investigated nor was appropriate action take to ensure existing controls were enforced.’’

Ermotti commented in an internal memo to UBS staff today.

To contact the editor responsible for this story: Elena Logutenkova at elogutenkova@bloomberg.net


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