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UBS discovers unauthorised trading, loss estimated at $2bn

ZURICH : Swiss banking giant UBS said Thursday that it has uncovered unauthorised trading in its investment bank which h
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By Parvez Jabri
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ubsZURICH: Swiss banking giant UBS said Thursday that it has uncovered unauthorised trading in its investment bank which has led to an estimated loss of $2 billion.

"UBS has discovered a loss due to unauthorized trading by a trader in its Investment Bank. The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of $2 billion," said the bank in a statement.

 

Copyright AFP (Agence France-Presse), 2011

 

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