UBS (UBS) Loses $2B on Unauthorized Trading from One Trader; Q311 Loss Now Possible
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UBS (NYSE: UBS) has discovered a loss due to unauthorized trading by a trader in its Investment Bank. The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of $2 billion.
It is possible that this could lead UBS to report a loss for the third quarter of 2011. No client positions were affected.
A 31-year-old man has been arrested in central London on suspicion of fraud.
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It is possible that this could lead UBS to report a loss for the third quarter of 2011. No client positions were affected.
A 31-year-old man has been arrested in central London on suspicion of fraud.
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