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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

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UBS rocked by $2 billion rogue trader loss

Posted by RJ and Makay on Sep 16, 2011

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UBS AG (UBSN) may be unprofitable in the third quarter after a $2 billion loss from unauthorized trading at its investment bank, the Swiss banking giant said today. Kweku Adoboli, a 31-year-old employee who served as a director of exchange traded funds and Delta 1 trading, was arrested early this morning at UBS’s London office on suspicion of fraud by abuse of position, according to inside sources.