UBS Loss Shows Banks Fail to Learn From Kerviel, Leeson
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UBS AG, Switzerland’s biggest bank, failed to learn the lessons of billion-dollar losses at Societe Generale SA and Barings Plc, lawyers said.
The bank’s $2 billion loss from what it said was unauthorized trading is reminiscent of former Societe Generale derivatives trader Jerome Kerviel, who caused a 4.9 billion-euro ($6.7 billion) loss in 2008, and Nick Leeson, who caused the collapse of Barings Plc with $1.4 billion in losses in 1995.