UBS Reports $2 Billion Loss to Rogue Trader UBS said on Thursday that a rogue trader in its investment bank had lost $2 billion, a fresh blow to the struggling Swiss bank.
Police in London have arrested European equities trader, Kweku Adoboli, in connection with the case, according to a person with direct knowledge of the situation, who was not authorized to speak publicly of the matter.
The incident raises questions about the bank's management and risk policies at time when it is trying to rebuild its operations and bolster its flagging client base. In an internal memo, UBS said the unauthorized trading could drag down earnings in the third quarter, adding that "no client positions" were involved in the "unauthorized trades."
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