UBS post surprise results for third-quarter
Swiss Bank UBS yesterday surprised observers by posting a better than expected third-quarter profit as it responds to a £1.28billion loss from an alleged trading scandal. However they also admitted their control measures had failed previously. UBS said it had identified two areas where its internal controls had not worked effectively. Investigations are ongoing and could lead to “additional remedial measures”.
Catherine Burnet returns from a two-year secondment in the firm’s Chicago office to lead the financial services audit team in Scotland. Burnet will be assisted by Phil Merchant, who has been promoted to Audit Director.
Associate Partner Stefano Borsi has been promoted to partner and will lead the financial services tax team, while Paul Glendenning has been promoted to audit director in Aberdeen.