15 Sep '11, 9am

UBS rogue trader sinks bank into $2.49b loss

UBS rogue trader sinks bank into $2.49b loss

Swiss banking giant UBS revealed on Thursday that a rogue trader had lost an estimated US$2.0 billion (S$2.49 billion) in unauthorised trades, and that it may plunge into the red as a result. -- PHOTO: REUTERS ZURICH (AFP) - Swiss banking giant UBS revealed on Thursday that a rogue trader had lost an estimated US$2.0 billion (S$2.49 billion) in unauthorised trades, and that it may plunge into the red as a result. Shares in the bank nosedived on the announcement which was issued two minutes before trading began, plummeting 7.04 per cent to 10.16 Swiss francs (S$14.43) , before recovering slightly to a loss of about 5 per cent. 'UBS has discovered a loss due to unauthorised trading by a trader in its Investment Bank,' the bank said in a statement. 'The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of US$2 billion.' T...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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