UBS trading losses fuel push for split banking

UBS case highlighted need to shake up banking sector by splitting off retail banking operations: Osborne.

As regulators join the Swiss bank in scrambling to figure out how a single suspect could have racked up as much as $2 billion worth of rotten bets over three years,analysts and politicians say the catastrophic losses reinforce the case for divorcing retail banks from their investment arms.

London-based trader Kweku Adoboli remains in custody Saturday,charged with acts of fraud and false accounting dating back to 2008.

UK Treasury chief George Osborne told Sky News television that the UBS case highlighted the need to shake up the banking sector by splitting off retail banking operations used by everyday customers from riskier investment banking,sometimes derided as casino banking.

Trump hikes H-1B visa fees to $100,000 a year in massive immigration overhaul

India36 min ago

President Trump has signed a proclamation increasing the H-1B visa fee to USD 100,000 per year in an effort to prevent abuse of the visa system. This will affect skilled Indian professionals, who make up the majority of H-1B visa recipients. The goal is to protect American workers while still allowing companies to hire qualified individuals.

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