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City rogue trader arrested over $2bn UBS loss
A 31-year old man has been arrested by City of London police in connection with rogue trading that has cost UBS, the Swiss banking giant, an estimated $2bn (£1.3bn). In a statement the police said: "A 31-year old man was arrested at 3.30am in central London on suspicion of fraud by abuse of position. He remains in custody." The trader's identity remains unclear although Swiss newspaper NZZ claimed he or she worked in the bank's equities division. The report said the loss had been discovered on Wednesday afternoon and was down to "a trader with substantial criminal energy". However, those claims remains ... (full story)
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