UBS Trader Violating Operation Caused $2 Billion Loss
According to Reuters, the Bank of Switzerland (UBS) issued a brief statement on Thursday, saying that a trader in the investment banking department lost about $2 billion in violation of the rules.
UBS statement said that "the incident is still under investigation, but it is estimated that the paction loss is within 2 billion US dollars, which may lead to a third quarter performance loss, but the customer position is not affected."
"It is shocking to see such an accident," said ZEHNDER Zehnder, a trading analyst at ZKB, Zurich, Switzerland. (Claude)
UBS
There are obvious problems in risk management.
Even if the loss is not so high, customers' confidence in UBS will be lost again. "
UBS was forced to seek government assistance in 2008 when its toxic assets suffered heavy losses during the financial crisis, and its confidence in UBS did not begin to recover this year.
Last month, UBS announced a 3500 layoff in order to cut the cost of 2 billion Swiss francs ($2 billion 300 million) a year.
UBS expects layoffs to generate 550 million Swiss francs for restructuring, of which 450 million
Swiss Franc
In the second half of the year, most of the cost is confirmed in the current quarter.
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