The Swiss bank UBS took a decision to suspend its world advertising campaign because of a dramatic loss – a trader Kweku Adoboli lost 2.3 billion US dollars. This information was presented by Peter Hartmeier, the head of UBS PR department in his interview to a Swiss internet publication Klein Report.
Hartmeier states that during the investigation it is of no sense to continue the advertizing based on reliability and competence.
The bank representative assured that under the circumstances the advertizing campaign will not reach its mission to attract new customers.
The information about a UBS trader having lost 2 billion US dollars was published on September, 15 by the bank.
Further on, it has been announced that this fortune was lost by a 31 year old Kweku Adoboli that worked in London office of UBS with the bank’s securities traded on stocks.
Later on the amount of the loss was enhanced to 2.3 billion US dollars.
Adoboli was charged of fraud actions and put to jail. At the moment, the trader is expecting a court reading which is due on September, 22.
The bank underlined that in the result of Adoboli’s operations the assets of the bank’s clients were not touched.
Nevertheless, amid the revealed facts, the shares of UBS lost 10% and the rating agency Moody's considers downgrading the bank’s rating.
The investigation is held in cooperation with the Swiss financial regulator and by the British Financial Services Authority.