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15/09/2011
UBS Announce $2bn Loss After Arrest
The Swiss banking group UBS has announced a loss of $2bn on Thursday, just as London police said they arrested a man in connection with allegations of unauthorised trading with the bank.
The man was detained in the early hours of Thursday morning and remains in custody, police said. According to the BBC, UBS shares fell by 8% after it announced it was investigating rogue trades.
In a statement on Thursday, a spokesman for the Swiss bank said: "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 USD 2 billion. It is possible that this could lead UBS to report a loss for the third quarter of 2011. No client positions were affected."
A spokesman for City of London Police, which is responsible for the city's financial district, said: "We can confirm we arrested a 31-year-old man at 3:30am on suspicion of fraud by abuse of position."
(DW/GK)
The man was detained in the early hours of Thursday morning and remains in custody, police said. According to the BBC, UBS shares fell by 8% after it announced it was investigating rogue trades.
In a statement on Thursday, a spokesman for the Swiss bank said: "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 USD 2 billion. It is possible that this could lead UBS to report a loss for the third quarter of 2011. No client positions were affected."
A spokesman for City of London Police, which is responsible for the city's financial district, said: "We can confirm we arrested a 31-year-old man at 3:30am on suspicion of fraud by abuse of position."
(DW/GK)
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Former UBS trader Kweku Adoboli was today convicted of two counts of fraud by abuse of position. Andrew Penhale, deputy head of fraud at the Crown Prosecution Service, said: "Behind all the technical financial jargon in this case, the question for the jury was whether Kweku Adoboli had acted dishonestly, in causing a loss to the bank of $2.3bn.
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FSA Fines UBS £29.7m
The Financial Services Authority (FSA) has fined UBS AG (UBS) £29.7 million, discounted from £42.4 million for early settlement, for systems and controls failings that allowed an employee to cause substantial losses totalling US$2.3 billion as a result of unauthorised trading.
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