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Sunday 18 September 2011

UBS 'rogue trader': Loss estimate raised to $2.3bn


UBS estimated loss has raised due to alleged unauthorised trading to $2.3bn (£1.5bn) from an initial $2bn.
The bank also said the alleged activity by trader Kweku Adoboli was not recoverable 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 might not resign over the incident.
"I have done 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."

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