UBS directors who had prepared to meet in Singapore prior to the city-state’s Formula 1 Grand Prix race will have more to discuss than they had expected a few months ago. The location has particular significance as Singapore is home to the largest shareholder in the Swiss bank, the Government of Singapore Investment Corp, or GIC.

The Swiss bank has been thrown back into the limelight for unflattering reasons due to revelations last week that unauthorised trading had created $2.3 billion in losses.  Kweku Adoboli, 31, has been charged with one offence of fraud by abuse of position and two offences of false accounting.

Carsten Kengeter, UBS’ head of investment banking, has told employees that UBS is “doing everything” to address shortcomings in its risk controls, according to a report by Bloomberg. “We all share a sense of anger and frustration,” he wrote in a memo to employees. “We are doing everything in our power to address the frameworks, practices and procedures that should have worked better and strengthen their enforcement.”

“It is very difficult to build and maintain a system which protects us effectively against every possible likelihood of attack, but we will not rest until we have controls that are as watertight as possible,” Kengeter, reportedly said in the memo, which was obtained by the news service. “Continued vigilance will be key to ensuring we avoid future failures.”

Swiss and UK financial regulators have started an investigation in to the UBS losses.