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banks, kweku adoboli
(Image from article: "UBS chief resigns after $2.3B scandal")

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UBS chief resigns after $2.3B scandal

UBS chief resigns after $2.3B scandal

The head of Swiss banking giant UBS Oswald J. Gruebel has resigned in the wake of a $2.3 billion loss in unauthorized trading, the bank announced Saturday.

 

Trader "sorry" as UBS chief fights for bank and job

While UBS CEO Oswald Gruebel battled to keep the Swiss bank's investment arm and save his job, the trader accused of unauthorized deals that lost the bank $2.3 billion said he was "sorry beyond words."

 

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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