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(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.

 

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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