Thursday, September 15, 2011

UBS trader in $2 bln loss on unauthorised trade

ZURICH: Switzerland's UBS said on Thursday, Sept 15 it had discovered that unauthorized trading by a trader in its investment bank has caused a loss of some $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," the bank said in a brief statement just before the stock market opened.

UBS shares immediately tumbled 8 percent. - Reuters

No comments:

Post a Comment