Facebook launch 'cost UBS banking group €290m'

Banking group UBS claimed today that the botched stock market listing of social networking giant Facebook cost it 349 million Swiss francs (€290m).

Tue, 31 Jul, 2012 - 16:10

Banking group UBS claimed today that the botched stock market listing of social networking giant Facebook cost it 349 million Swiss francs (€290m).

Zurich-based UBS blamed the loss on the “gross mishandling” of the flotation by Nasdaq, which involved a series of technical errors that caused a delay in the start of trading of Facebook shares in May.

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Courts Heathrow Place: Zurich Place: US Person: Axel Weber Person: Sergio Ermotti Person: Kweku Organisation: Facebook Organisation: UBS Organisation: Nasdaq Organisation: Amazon.com Organisation: McDonalds Organisation: Hewlett-Packard Organisation: Cisco Organisation: Adoboli

The firm admitted misconduct (AAP Image via AP)

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Australian bank ANZ to pay record fine for corporate misconduct

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