A case in point

Alexander Campbell

It couldn’t have been timed better. On Monday, the UK’s Independent Commission on Banking (ICB) put out its final report, calling for banks to ring-fence their investment banking activities to prevent any problems in the investment bank from bringing down the retail arm. And, by Friday, UBS had provided an example of more or less what the ICB had been talking about – the loss of $2.3 billion to a single rogue trader in its investment banking arm in London.

From the details released so far, the

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