ICAP, the half-way house on the road to Libor reckoning

27 September 2013Banks, MarketsICAP, interest rate benchmarks, litigation, operational risk, RBS, regulation, UBSNick Dunbar

What are we to learn from the charges that came out against interdealer broker ICAP and its staff over the manipulation of Libor rates? In three separate regulatory complaints, from the UK Financial Conduct Authority, US Commodity Futures Trading Commission and Department of Justice, once again we read emails and chat logs outlining intent to…

Are investment banks like nuclear power plants?

16 September 2011Articles, Banksbanking, operational risk, Societe Generale, trading, UBSNick Dunbar

We don't know the full details of how Kweku Adoboli lost $2 billion at UBS, but as I watch an industry in decline, an analogy springs to mind. Yesterday I had a long conversation with one of the former managers in the chain of command above Jerome Kerviel at Societe Generale. After losing his job…

CDO: solution or scam?

5 October 2009ArticlesCDOs, Fitch, HSH Nordbank, litigation, structured products, subprime, UBSNick Dunbar

On 28 September 2009, a significant development occurred in the post-credit crunch legal reckoning. After eighteen months of transatlantic legal wrangling, Germany's HSH Nordbank was given the green light by a New York judge to proceed to trial in its case against Swiss giant UBS over what it alleges was a mis-sold collateralised debt obligation…

The hidden price of talent

9 September 2009Articlesbonuses, credit derivatives, derivatives sales, Deutsche Bank, G20, Goldman Sachs, Royal Bank of Scotland, UBSNick Dunbar

Multimillion bonuses are back and G20 nations are promising to crack down on excesses at the forthcoming Pittsburgh summit. But just what talents do these lavish rewards buy? The debate has mainly focused on traders. But some of the most important recent hires aren't in trading - they're in sales. Take Antonio Polverino. According to…