ZURICH AND BASEL, SWITZERLAND – In a short, last-minute statement Switzerland’s largest bank UBS says it has “discovered a loss due to unauthorized trading [...] in the range of $2 billion US dollars.
The UBS statement released to the media on 15 September says the loss happened due to “unauthorized trading by a trader in its Investment Bank”.
The statement goes on to say:
“The matter is still being investigated, but UBS’s current estimate of the loss on the trades is in the range of USD 2 billion.
It is possible that this could lead UBS to report a loss for the third quarter of 2011.
No client positions were affected.”
No other information has been given by the bank.