瑞銀集團(tuán)(UBS)一名交易員涉嫌違規(guī)交易事件目前持續(xù)發(fā)酵。瑞銀18日將該交易員導(dǎo)致的未授權(quán)交易損失由20億美元上調(diào)至23億美元。瑞銀首席執(zhí)行官奧斯瓦爾德·格呂貝爾18日出面辟謠稱，自己并不準(zhǔn)備因?yàn)樵撌录剔o職。但瑞銀無疑正面臨巨大壓力。有消息稱，瑞銀將在11月17日的投資者會(huì)議上宣布重大改組，將縮小投資銀行部門，裁退數(shù)千名雇員，同時(shí)今年瑞銀數(shù)千名從業(yè)人員可能面臨零獎(jiǎng)金。
分析人士指出，由于瑞銀的核心一級(jí)資本充足率占資產(chǎn)的16.1%，20億美元損失似乎在可控的范圍之內(nèi)，但這對(duì)穩(wěn)定市場(chǎng)人氣及市場(chǎng)對(duì)瑞銀風(fēng)險(xiǎn)管理能力的信心毫無幫助。評(píng)級(jí)機(jī)構(gòu)穆迪表示，有可能下調(diào)該行評(píng)級(jí)。
Kweku Adoboli，a director on the Swiss group’s little-known “Delta One” derivatives desk，was being held at Bishopsgate police station after he was arrested at 3.30am，as the Swiss group’s shares plunged 10 per cent in response to the news. The revelation that a trader in “Delta One”-an area of derivative trading activity that is one of the only remaining ways for banks to take big bets with their own money-could cause such a catastrophic loss has prompted calls for fresh restrictions on investment banks.
該交易員名為科維庫·阿德波利，是這家瑞士集團(tuán)鮮為人知的“Delta One”衍生品部門的一名主管。阿德波利于15日凌晨3時(shí)30分被逮捕，之后被關(guān)押在倫敦Bishopsgate警察局。消息傳出后，瑞銀股價(jià)暴跌10%�！癉elta One”部門一名交易員就能造成如此災(zāi)難性的損失，引發(fā)了有關(guān)對(duì)投行實(shí)行新限制的呼吁�！癉elta One”是一種衍生品交易，是投行僅剩的幾種可用自營(yíng)資本進(jìn)行大筆押注的交易之一。(英國(guó)《金融時(shí)報(bào)》)
名為“Delta One”的衍生品交易是投資銀行業(yè)務(wù)發(fā)展迅速、但處于灰色地帶的一種業(yè)務(wù)，主要是交易一些密切跟蹤某類基礎(chǔ)資產(chǎn)(比如股票或白銀)的證券，這種交易往往牽涉到交易所交易基金(ETF)和互換合約。
The loss effectively cancels out the 2 billion Swiss franc ($2.3 billion) saving UBS hoped to make in a cost-cutting drive detailed last month involving 3500 job cuts. It also threatens the future of UBS’s investment bank，which is being reviewed by chief executive Oswald Gruebel as part of a wide-ranging restructuring after heavy losses during the credit crisis and a damaging scandal over bankers helping rich U.S. clients dodge taxes.
此次交易損失實(shí)際上抵消了該行原本打算從削減成本的計(jì)劃中節(jié)省的20億瑞郎(23億美元)。上個(gè)月該行宣布成本削減計(jì)劃，將裁減3500個(gè)崗位。此項(xiàng)交易亦威脅到瑞銀投行業(yè)務(wù)的未來發(fā)展。在該行受到信用危機(jī)重創(chuàng)遭遇巨大虧損以及曝出其幫助美國(guó)富人客戶逃稅的丑聞后，瑞銀集團(tuán)執(zhí)行長(zhǎng)格魯貝爾將投行業(yè)務(wù)視為大范圍重組的一部分。(路透社)
盡管瑞銀的資產(chǎn)負(fù)債表應(yīng)該承受得起這筆20億美元的虧損，但這則消息卻促使人們?cè)俅魏粲跞疸y分拆或出售其投行部門，將注意力完全轉(zhuǎn)向其旗艦財(cái)富管理業(yè)務(wù)。瑞銀計(jì)劃于11月17日舉行投資者日活動(dòng)，預(yù)計(jì)屆時(shí)將宣布針對(duì)投行業(yè)務(wù)的重大整改計(jì)劃。
The damage to UBS’s credibility is more serious. Société Générale，which lost 4.9bn euros through rogue trader Jérome Kerviel in a similar line of business，found that rogue trading affects investors’longer-term sentiment towards a bank. UBS’s advisory and wealth management divisions could suffer from the alleged actions of one employee.
瑞銀聲譽(yù)受到的損害要更加嚴(yán)重。法國(guó)興業(yè)銀行曾因該行交易員杰洛米·科維爾的類似違規(guī)交易損失了49億歐元，該行發(fā)現(xiàn)，違規(guī)交易會(huì)影響投資者對(duì)一家銀行的長(zhǎng)期看法。瑞銀的咨詢和財(cái)富管理業(yè)務(wù)可能因某位員工涉嫌違法的行為而受影響。(英國(guó)《金融時(shí)報(bào)》)
路透社的文章指出，若瑞銀投行業(yè)務(wù)虧損，恐將令私人銀行的高端客戶進(jìn)一步流失。作為瑞銀核心業(yè)務(wù)的財(cái)富管理業(yè)務(wù)曾排名全球第一，現(xiàn)已落到第三。分析師及瑞銀內(nèi)部人士猜測(cè)，瑞銀的高管——包括執(zhí)行長(zhǎng)格魯貝爾或投行部門主管卡斯滕·肯格特——是否會(huì)被迫引咎辭職，將取決于所牽涉到的欺詐活動(dòng)的規(guī)模。
Moody’s Investors Service said it is reviewing UBS AG’s ratings for a possible downgrade because of “ongoing weakness” in the Swiss bank’s risk management. While Moody’s said the expected $2 billion of rogue-trading losses were manageable given UBS’s “sound liquidity and capital position”，they nevertheless “call into question the group’s ability to successfully complete the rebuilding of its investment banking operations”.
穆迪投資者服務(wù)公司表示，正在評(píng)估瑞銀的評(píng)級(jí)，有可能下調(diào)該行評(píng)級(jí)，因?yàn)樵撔械娘L(fēng)險(xiǎn)管理持續(xù)薄弱。穆迪表示，考慮到該行健康的流動(dòng)性和資本狀況，20億美元的未授權(quán)交易預(yù)期損失是可控的；不過，穆迪仍然對(duì)該行能否成功重建投行業(yè)務(wù)存在疑問。(《華爾街日?qǐng)?bào)》)
穆迪目前對(duì)瑞士銀行的長(zhǎng)期債務(wù)和存款評(píng)級(jí)為Aa3。該行的財(cái)務(wù)實(shí)力評(píng)級(jí)為C/A3。
