UBS discovers $2 billion loss in unauthorized trade

CNN.com, 15 Sep 2011
(CNN) -- Swiss banking giant UBS discovered that unauthorized trading has cost it an estimated $2 billion, it announced Thursday.
The "unauthorized trading by a trader in its investment bank" could cause the bank to record a loss in the third quarter of this year, it said.
The loss would potentially be among the largest costs ever to a bank in unauthorized trading. Full story



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