UBS Trading Loss Was $2.3 Billion; Gruebel Stays as Chief
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UBS AG, Switzerland’s biggest bank, announced that its loss from unauthorized trading amounted to $2.3 billion, more than initially reported, while Chief Executive Officer Oswald Gruebel said he will stay on.
The loss, first estimated on Sept. 15 at $2 billion, came from trading in Standard & Poor’s 500, DAX and EuroStoxx index futures over the past three months, the Zurich-based bank said in a statement yesterday. UBS made the latest disclosures two days after London police charged a 31-year-old trader with fraud and false accounting.