""Why did Cabiallavetta, the CEO of the Union Bank of Switzerland, agree to such a deal?" asked The Economist on January 31, 1998. The deal was a merger between UBS and Swiss Bank Corp., a smaller rival. One reason, The Economist speculated, was that there was, "in UBS's London based derivatives business, a hole of unknown (but possibly huge) proportions."".

"By mid-1997, the bank's trading division, built by Cabiallavetta, was falling apart with estimated losses of 1 billion Swiss francs ($700 / [pound]416 million). The Financial Times estimated the loss at 650 million Swiss francs." "Was this the real reason for the UBS/SBC merger? And were there, as The Economist also speculated, parallels to the decline of Barings, the respected British investment bank brought to ruin in early 1995 by one rogue trader. Who was the rogue trader at UBS?".

"The reasons behind the decline of Union Bank of Switzerland is a complicated story of power, ambition, vanity and the lack of risk management controls at one of Europe's largest banks." "This book is essential reading for business and finance professionals."--BOOK JACKET.