From USA TODAY/ AP:
Swiss banking giant UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades. Police in London said they arrested a 31-year-old man in connection with the loss.
Switzerland’s largest bank warned that it could report a loss for the entire third quarter as a result, sending its shares plummeting.
The bank provided little information on the incident, saying it was still under investigation and no client money was involved. The unauthorized trades could cost UBS almost as much as the 2 billion Swiss francs ($2.28 billion) the bank said last month it hoped to save by cutting 3,500 jobs over two years…
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