Another bank has fallen victim to the India Inc song-and-dance loot out.
After 2008, one would have thought bankers would have learned, but apparently not.
Just as Wipro destroyed Lehman with it’s cheap incompetent IQ85 workers, now India Inc has nearly destroyed UBS bank.
Another crappy non-functional piece of Indian software fails.
Highly skilled + talented.
It’s a put on.
“LONDON/ZURICH: Key controls for “detection of suspicious trading activity” failed at an India outsourcing unit, contributing to $2.3-billion loss caused by a rogue trader of global banking giant UBS, a joint probe by British and Swiss regulators has found.
This is the third instance when outsourcing of key oversight jobs by global banks (British giants HSBC and Standard Chartered being the other two) to India has come under the regulatory scanner abroad for ineffective controls against suspicious financial transactions”.