KETR

Swiss Bank Loses $2 Billion In Rogue Trades

Sep 15, 2011
Originally published on September 15, 2011 5:48 am
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STEVE INSKEEP, host: NPR's business news starts with a Swiss banking ponder.

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INSKEEP: Okay. Police in London say a 31-year-old man has been arrested today in connection with a huge trading loss at Switzerland's largest bank. The UBS announced that it had discovered a $2 billion loss. They say the loss came through unauthorized trading - financial trading. The bank may have to report a loss for its entire third quarter as a result. This incident echoes past scandals, like the one a couple of years ago at the French bank, where a young rogue trader lost more than $6 billion. Transcript provided by NPR, Copyright NPR.