Swiss banking giant UBS said Thursday that a rogue trader caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades. The swindler reportedly worked at the bank's equity division in London.
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Switzerland's biggest bank said no client positions were affected by the unauthorized trades, which could result in a loss for its entire third quarter. London police said they have arrested a 31-year-old man in connection with the alleged fraud.
Police in London say a 31-year-old man has been arrested in connection with a huge trading loss at Switzerland's largest bank. UBS announced it had discovered a $2 billion loss due to unauthorized trading. The bank may have to report a loss for its third quarter as a result.
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