The last Facebook post of Kweku Adoboli, the 31-year-old UBS trader at the centre of a $2bn rogue trading scandal, simply read: “need a miracle.”
So too, now, does UBS. The Swiss group’s efforts to rebuild its investment banking business were already faltering before the news broke that Mr Adoboli was arrested in the early hours of Thursday morning on suspicion of orchestrating a fraud.
While UBS should be able to absorb a $2bn hit to its balance sheet, its disclosure prompted renewed calls for the group to split off or sell its investment bank and shift its focus exclusively to its flagship wealth management arm.
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