[170911.EN.BIZ] UBS Discovers Unauthorised Trading, Loss Estimated At US$2 Bn

ZURICH - Swiss banking giant UBS said on Thursday that it has uncovered unauthorised trading in its investment bank which has led to an estimated loss of US$2 billion.

'UBS has discovered a loss due to unauthorised trading by a trader in its Investment Bank,' said the bank in a statement.

'The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of US$2 billion.'

The bank added that it may also be forced to report a loss for the third quarter due to the unauthorised trade.

It assured clients however that their positions were not affected.

Source : AFP/BT, 15.09.11.