UBS Bonuses at Risk as $2.3 Billion Trading Loss Erases Profit
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Bonuses at UBS AG’s investment bank may be at risk after the company suffered a $2.3 billion loss from what it described as unauthorized trading.
Switzerland’s largest bank said Sept. 15 that it may be unprofitable in the third quarter as a result of the loss, which exceeds the 1.21 billion Swiss francs ($1.4 billion) in pretax profit from the investment bank in the first half. The bank first estimated the loss at $2 billion, before raising it yesterday.