UBS says unauthorised trading losses capped at $2.3 billion

The bank has covered the risks related to the rogue trades, which it says were offset by fictitious positions, and has set up a three-person committee to investigate how this could be allowed to happen.
Kweku Adoboli AFP

In a second press release issued last night, UBS said it has covered the risks resulting from the unauthorised trading in its investment bank that were revealed last week and said the loss will be capped at $2.3 billion some $300 million above the figure first mentioned by the bank in its brief statement on Thursday.

The Swiss bank said its equities business is “again operating normally within its previously defined risk limits”.

This second statement came after 31-year-old UBS trader Kweku Adoboli appeared in a London court on Friday, facing charges of fraud by...

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