UBS admits controls 'not effective'
Scandal-hit UBS today admitted internal financial controls were ``not effective'' when alleged rogue trading took place at the bank, as it revealed the action had triggered a 39% slump in profits.
A Swiss court ruled that the nation's top financial regulator acted in an ``unlawful'' manner when it forced UBS AG to release client data to US authorities, reigniting a debate over bank-secrecy practices.