UBS hit by rogue trader for $2bn | Bangkok Post: breakingnews

Swiss banking giant UBS said on Thursday it had lost $2.0 billion (1.46 billion euros) through unauthorised trading, after London police arrested a man suspected of committing the massive fraud.

A UBS branch is pictured in central London, on September 15. Police in London have arrested a 31-year-old man alleged to have lost the Swiss banking giant $2.0 billion (1.46 billion euros) through unauthorised trading.

The man, arrested before dawn in central London on "suspicion of fraud by abuse of position," is in custody, City of London police said. British media named him as Kweku Adoboli, although neither UBS nor the police identified the suspect.