Swiss bank UBS said it had lost around $2 billion due to rogue dealing by a London-based trader at the Swiss bank and police said they had arrested a man on suspicion of fraud.
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With UBS losing approximately $2 billion from unauthorized trades by a "rogue" trader, the road for recovery for the Swiss bank could be long.
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Swiss bank UBS said a trader had lost it around $2 billion in unauthorised deals, and police in London arrested a man in connection with the case.
UBS has 65,000 employees. The Swiss bank has global operations, serving approximately 50 countries. The company has been around for nearly 150 years. But one rogue trader -- reportedly a 31-year-old living and working in London -- has apparently brought the company to its knees in embarrassment and financial loss.
Swiss bank UBS AG has said that it has suffered a $2 billion loss stemming from unauthorized trading even as London police arrested a 31-year-old man on suspicion of fraud by abuse of position.
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UBS said a rogue trader had lost it $2 billion in unauthorized dealing and police in London arrested a man in connection with the case.
UBS said a trader has lost about $2 billion in unauthorized dealing and warned it might post a loss in the third quarter, a huge blow as the Swiss bank struggles to rebuild its credibility after years of crises.
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