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Rogue London trader costs UBS $2 bn

31-year old trader arrested in London; decline in trade adds to Swiss bank’s expected third quarter loss. A 31-year-old staffer was arrested in the early hours of Thursday for causing a $2-billion loss to Swiss investment banking giant UBS on account of unauthorised trading at the bank’s London office. In a statement issued on Thursday, the Zurich-based bank said, “UBS has discovered a loss due to unauthorised trading by a trader in its investment bank. The matter is still being investigated, but UBS’s current estimate of the loss on the trades is in the range of $2 ...