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UBS CEO not resigning, loss mounts to $2.3 billion

UBS CEO not resigning, loss mounts to $2.3 billion

Oswald Gruebel, the chief executive of UBS, has dismissed calls for his resignation as politically motivated, even as the Swiss banking giant raised its estimated loss by a rogue trader to $2.3 billion.

 

Rogue trader suspected in $2 billion loss at UBS

Rogue trader suspected in $2 billion loss at UBS

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 UBS trader, Kweku Adoboli, in the alleged fraud. UBS declined to confirm his name.

 

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