UBS expects Q3 profit despite $2.3 billion rogue trading loss

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GENEVA — Swiss banking group UBS said Tuesday it expects credit gains and bond sales to help it record a modest profit in the third quarter, despite a $2.3 billion rogue trading loss.

Only last month, Switzerland's biggest bank warned that it might be forced to report an overall loss for the three months ending in September in light of unauthorized trading from London-based trader Kweku Adoboli. The 31-year-old was arrested Sept. 15 and has been charged with fraud and false accounting.

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Dan Balz 04 Oct, 2011

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Source: http://feeds.washingtonpost.com/click.phdo?i=8a2acfae8404e5a3bb5c3b1232514f7c
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