Rogue UBS trader loses $2.3 billion; 10,000 UBS employees get fired

"Kweku Adoboli, the former UBS AG (UBS) trader on trial over a $2.3 billion trading loss, said his girlfriend encouraged him to confess his losses to managers while another trader on his desk told him to flee the country."
--http://www.businessweek.com/news/2012-10-30/adoboli-s-girlfriend-told-him-to-confess-ubs-trading-loss

 "UBS, the Swiss bank, announced plans on Tuesday to eliminate up to 10,000 jobs and cut costs in a major overhaul that will squeeze its earnings in the short term.  ... The pullback in the firm’s investment banking operations follows a number of scandals that have engulfed the division. That includes a $2.3 billion trading loss connected to the activities of a former trader, Kweku M. Adoboli, and potential fines related to the manipulation of the London interbank offered rate, or Libor."
--http://dealbook.nytimes.com/2012/10/30/ubs-to-cut-10000-jobs-in-major-overhaul/

"It was only when the UBS bankers had their passes refused that they realised they could be out of a job. Instead of being allowed into the bank’s City headquarters the traders were whisked to special offices on the fourth floor where they were handed an envelope containing details of the redundancy process.

“It was like a scene out of the Village of the Damned up there,” said one of the bankers.

“They said we would be getting two weeks paid leave and then we will be told what is to happen. I expect we’ll just get a call from human resources or lawyers telling us how much we are worth. We won’t be able to talk to our bosses.”

Turned away from their offices, the bankers congregated in The Railway Tavern, one of the only pubs in the area to open at 8am."
--http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9643500/UBS-bankers-in-London-head-for-the-pub-after-being-turned-away-at-office-door.html