UBS man held over '$2 bn rogue trades'

The Union Bank of Switzerland (UBS) says "unauthorised trading" by a staff member has cost it about $2bn in losses in this year's second fiscal quarter.

Police in London said they had arrested a 31-year-old man on suspicion of fraud, but did not confirm whether it was in relation to the UBS case.

British media have named the trader as Kweku Adoboli. UBS has declined to confirm his name.

UBS, Switzerland's largest bank, also said in a statement on Thursday that it may post a loss for the third quarter as well. "UBS has discovered a loss due to unauthorised trading by a trader in its investment bank,'' it said.

Al Jazeera's Peter Sharp reports from London.

Category:

News & Politics

Tags:

• europenews

[csplendrig]

I'm not buying the "rogue trader" story. If he had made $2 billion instead of lost $2 billion, would they be calling him a rogue trader?

[Battleganz]

How does one black guy cost UBS 2 billion dollars?

[neitilinvandring]

@queenimayya I love the fact that milions of niggers are dying of hunger right now:))

[realkingkado]

Hang all bankers

[Bambootree01]

lease let’s put things into perspective, So many closet racists on this site! There are good and bad people in every race. How about Jérôme Kerviel the biggest rouge trader, is he not a Whiteman? All the white Vicki Pollard chavs collecting benefit by fraudulent means would do worse if they were educated and in his position. At least he is not a paedophile or serial killer.

[Bambootree01]

I am surprised at the racist comments. If he had made a profit for UBS they would have given him a promotion. And I bet he had made £million profit in the past. How about Sir Fred Goodwin and all the other white men responsible for bringing down RBS and Lloyds bank? Has any one ordered "off-with-their-heads"? Instead Sir Godwin was knighted and got “European Banker of the year award”. P

[sangsomphil]

here we go teach a nigger to try to be human,if he dont rape and kill, he"l robb.........burn them all,go on holiday...........they kill and kidnap...............thank heavens for the pope,he doesnt want them to have condoms, WHY..........because they are killing themselves with aids.....................the only good thing the church has done....there killing the niggas and getting away with it......WOOOAH

[lgadwords]

@Heretheblackmaster The first guy did it on purpose to test to see if Niggers would be dumb enough to copy them and sure enough.... we have a winner and his name is kweku adoboli.

[Heretheblackmaster]

@lgadwords

Yeah coz pig shit like u r so brainless that u see in dichotomy only black/white so if he's blsck he shudn't get a chance but u white trailer park trash did it b4 so he must have learnt from the best innit white vermin?

[Heretheblackmaster]

@zeproo

Yeah cos u lot did better.....u bunch of fat rats

[Heretheblackmaster]

@ukipwarrior

Yeah were u so bothered when u white fucked knob head destroyed the world economy in LONDON & elsewhere vermin u r vermin u will die!