|
|
UBS issued a Shareholder Report detailing the key facts relating to the firm’s positions and losses in the
Amongst other things the Report summarizes: which businesses were affected by the losses; the business models and growth initiatives pursued in those businesses; how the losses developed in the relevant businesses; the implementation of Risk Management and Risk Control in those businesses; and the key findings related to the causes of the losses.
The Report identifies the losses as originating principally from positions held within three businesses: the internal alternative asset management arm, Dillon Read Capital Management (DRCM); the Investment Bank's (IB) Rates business; and the ABS Trading Portfolio managed by the IB’s Foreign Exchange/Cash Collateral Trading (FX/CCT) division.