UBS Admits “Serious Errors”

UBS has published the results of its investigation into how it lost over 35 billion euros and came close to collapse during the financial crisis. Switzerland’s biggest bank admits serious errors were made in its rapid growth into investment banking.
UBS also reiterated it will not take legal action against former top managers for the losses as the chances of success were “more than uncertain.”
Explaining why it would not press the case, the bank said: “A final, and particularly important, reason is that such proceedings would weaken UBS’s legal position in pending cases, regardless of whether the former management is ever found to be liable.”

Finance