UBS says accused rogue trader caused $2 billion loss

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LONDON – A rogue trader for the Swiss bank UBS was arrested in London on Thursday, authorities said, and is suspected of causing an estimated $2 billion loss in unauthorized trades.

 The allegation comes at a time of deep uncertainty in the banking sector, with many European banks looking as though they make take large losses if Greece defaults on its debts. Banking shares have been hammered hard in recent days and two of France's largest banks were downgraded on Wednesday by Moody's credit rating agency.

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Carol D. Leonnig 15 Sep, 2011

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Source: http://feeds.washingtonpost.com/click.phdo?i=c0ec5618fb366be6e5b4f96301f50412
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