This week's risk management news includes BAML’s potential increase in liabilities, UBS job cuts, and the destruction of 9,000 Wall Street banks inquiry documents.
August 24, 2011 | The Asian Banker Editor
BAML may face billions more in liability
Bank of America may face billions of dollars more in liability for faulty mortgages if a judge agrees with insurer Municipal Bond Insurance Association that the lender must buy back loans even if the errors didn't cause a borrower's default.
UBS to cut 3,500 jobs globally
Swiss Bank UBS which employs around 6,000 staff in the UK and 65,000 worldwide, will be reducing headcount by 3,500 in an attempt to save $2.5 billion by the end of 2013, blaming global economy and increased regulation.
SEC employee accused of destroying evidence on inquiries of Wall Street banks
An employee at the Securities and Exchange Commission has accused the regulatory agency of destroying at least 9,000 documents related to corporate giants including Goldman Sachs, Deutsche Bank, Lehman Brothers, Citigroup, Morgan Stanley, and, convicted fraud operator Bernard Madoff, relating to inquiries of Wall Street banks and hedge fund.
Re-disseminated by The Asian Banker
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Risk And Regulation Working GroupKeywords:BAML, UBS, Wall Street
