UBS admits controls 'not effective'

Scandal-hit UBS today admitted internal financial controls were “not effective” when alleged rogue trading took place at the bank, as it revealed the action had triggered a 39% slump in profits.

The Swiss bank posted a third-quarter profit of 1bn Swiss francs (€816m), compared to 1.66bn Swiss francs last year, including the 1.8bn Swiss francs allegedly lost by trader Kweku Adoboli.