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UBS Reports $2B Trading Loss
September 15, 2011
UBS AG discovered that an unauthorized trading loss in the investment bank has cost the bank around $2 billion. While UBS declined to say where the trading occurred, it did say that no client positions were affected by the loss, which is still being investigated.
Coincidence or not, London police arrested a 31-year old man on suspicion of fraud early Thursday morning, shortly after the UBS announcement. They declined to confirm whether it was linked to UBS's loss.
Today's incident recalls Societe Generale's $6 billion trading loss by rogue trader Jerome Kerviel, who was sentenced to 3 years in prison one year ago.
UBS shares were down 7% about 3 hours after the loss was announced. [CNN, 9/15/11]
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