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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The world's major central banks are so worried about Europe's debt crisis that they are moving to shore up eurozone banks. Left unchecked, this crisis could spill over into the U.S. economy. Here's how Europe's troubles could migrate to the U.S. and the rest of the world.
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.
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