UBS ( UBS) is trending as the firm has been fined 29.7 million pounds ($47.6 million) by the U.K. in connection to rogue trader Kweku Adoboli's $2.3 billion trading loss. The Financial Services Authority, which issued the fine, said the loss is indicative of serious weaknesses in management and internal controls at UBS. The FSA said it found that UBS' computerized trading system could not effectively detect unauthorized trades. It also found that the desk where the fraud took place was not proficient in dealing with breaching daily trading limits, among other weaknesses. Now, UBS is also being told by Finma, the Swiss regulator, that it may have to increase capital levels for operational risks. Finma said it told UBS to appoint an independent third party to monitor the company's progress on improving its management systems and internal controls. Finma said once the program to fix these failings is completed, an auditor will check the effectiveness of the company's controls against unauthorized trading.
Barclays ( BCS) is another popular search. Qatar Holding said it has sold its remaining warrants in the British bank. Qatar remains the largest shareholder in Barclays. Its 6.7% stake in Barclays remains unchanged. The sovereign wealth fund said it monetized 379 million units of Barclays warrants, which it acquired during the financial crisis when Barclays raised money from new investors. Deutsche Bank ( DB) and Goldman Sachs ( GS) sold as many as 303.3 million shares in Barclays for 244 pence apiece. Qatar said it remains confident in Barclays' long-term prospects, despite selling the warrants.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.