UBS board to meet in Singapore to review $2.3B loss
UBS AG (UBSN)’s directors will meet in Singapore this week following the disclosure of a $2.3 billion loss from unauthorized trading, according to two people with knowledge of the situation. The board of Switzerland’s largest bank will review the loss and possible management changes, said one of the people, who declined to be named because the gathering is private. The regular meeting was scheduled before the loss emerged, and coincides with the Singapore Formula One Grand Prix, where the firm will be entertaining clients. The Government of Singapore Investment Corp. or GIC, is the company’s biggest investor.