UBS 'rogue trader': Loss estimate raised to $2.3 Billion
September 22, 2011
Total Loss:
$2.3 Billion
UBS has raised its estimated losses due to alleged unauthorized trading to $2.3bn (£1.5bn) from an initial $2bn.
The bank also said the alleged activity by trader Kweku Adoboli was uncovered after UBS began making inquiries.
That prompted Mr Adoboli to admit the losses on Wednesday, UBS said. The trader was charged with fraud and false accounting at a London court on Friday.
The bank's statement comes as UBS boss Oswald Gruebel insisted he would not resign over the incident.
"I'm responsible for everything that happens at the bank," Mr Gruebel told Swiss Sunday newspaper, der Sonntag. "if you ask me whether I feel guilty, then I would say no."
Source:
BBC News
Posted in:
Internal Fraud