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Read it at Bloomberg News
UBS may be unprofitable in the third quarter after a rogue banker blew $2 billion on an unauthorized trade. London police have arrested a 31-year-old man in connection to the trade, which the bank said is still being investigated. UBS says the loss will not affect “client positions,” although it still raises question about the bank’s risk management. It’s the largest loss in an unauthorized trade since a banker at Société Générale blew $6.7 billion in 2008.