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2 May 2024
’Rogue trader’ costs major F1 sponsor billions
UBS could see its forcasted profits for the quarter wiped out
A major formula one sponsor has had a $2 billion hole blown into its books by a so-called rogue trader.
The Financial Times reports that a 31-year-old has been arrested in London as the Swiss group UBS, a ’global partner’ of grand prix racing, saw its shares plunge almost 11 per cent.
On the alleged investment fraud, a spokesperson for Swiss banking regulator Finma said: "From the scale of this case, you can be sure that it’s the biggest we’ve ever seen for a Swiss bank."
Reports suggest the scandal could single-handedly wipe out UBS’s forecasted profits for the quarter.
