Police in London’s financial district have arrested a 31-year-old man in connection with a massive loss reported by Swiss bank UBS.
City of London police said the man was arrested at 3.30 a.m. on Thursday on suspicion of fraud by abuse of position. His name was not released.
UBS said earlier Thursday that a rogue trader caused it an estimated loss of $2 billion, and warned that it could report a loss for the entire third quarter as a result.
UBS said it discovered that unauthorised trading by one of its staff has caused an estimated loss of $2 billion, and warned it could result in a loss for the entire third quarter
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