UBS finds estimated $2bn unauthorised trading loss

Published: 15/09/2011 at 05:25 PM
Online news: News

BERN - Swiss banking giant UBS revealed on Thursday an estimated loss of $2.0 billion after the discovery of unauthorised trading at its investment bank.

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

Shares in the bank plunged on the announcement which was issued two minutes before trading began, plummeting 7.04 percent to 10.16 francs.

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Writer: AFP News agency

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bkk-farang
Post : 973
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Discussion 2 : 15/09/2011 at 06:36 PM2
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How can some banker gamble and loose 2,000,000,000 USD of other people money without authorization? All the trading is done with computers and computers have passwords for the level of authorization.
On the other hand this should not really be a big problem for a banker. The bank will deduct the 2 billion from his next bonus...
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dutchboy
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Discussion 1 : 15/09/2011 at 03:39 PM1
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This is not the first time it happens to an Investment Bank.

Are they ever going to learn that they give their traders too much freedom?

Wonder what it would be though to work in a Thai Investment Bank.
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UBS finds estimated $2bn unauthorised trading loss | Bangkok Post: business