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Thursday
Sep152011

Did Single Trader Cost UBS $2 Billion? Arrest Made in London

SEBASTIAN DERUNGS/AFP/Getty Images(LONDON) -- A 31-year-old man has been arrested in connection to UBS' announcement that a single trader may have cost the bank an estimated $2 billion.

The man, who has not been identified, was detained in London Thursday morning.

That same day, the Swiss bank said in a statement that "unauthorized trading by a trader in its Investment Bank" resulted in the 10-figure loss.

UBS noted that the amount lost could change since the matter was still under investigation, and warned that the deficit could lead it to report a loss when its third quarter figures come out for the year.

The bank did not offer any further details but said that "no client positions were affected."

Copyright 2011 ABC News Radio

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