Of Special Interest
16th September 2011
UBS rogue trader losses approx $2bn
UBS announced losses estimated at $2bn from a rogue trader on Thursday morning before markets opened. As a result it 'was possible' that UBS may report a Q3 LOSS. The bank gave no further details of the trades, the identity of the trader and offered no schedule for further announcements.
The Neue Zuercher Zeitung newspaper reported that the trading was linked to the London equities unit and was discovered yesterday. Later the media reported the City of London Police had arrested a 31 year old man in connection with the event.