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Will Swiss bank heads roll?

GIC’s apparently mild criticism of UBS is a stinging public rebuke

GIC would like to express its “disappointment and concern” about “lapses” in controls at UBS and urges “firm action to restore confidence in the bank”. Anodyne? Yes, but by the polite standards of Singapore’s big sovereign wealth fund, which happens to be the biggest shareholder in the Swiss bank, this counts as a scorching public rebuke.

Was it also a call for senior heads to roll in the wake of allegations of rogue trading? It sounds as if it might be. GIC was under no obligation to say anything after ts meeting with UBS chief executive Oswald Grübel.

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