OUCH

UBS: 'Rogue Trader' Lost $2.3 Billion

Wait, it gets worse: Swiss Bank UBS said on Sunday that "rogue trader" Kweku Adoboli actually lost $2.3 billion in unauthorized trades, a bit more than the maximum of $2 billion that was originally estimated. "The loss resulted from unauthorized speculative trading in various S&P 500, DAX and EuroStoxx index futures over the last three months," UBS said in a statement. The bank also clarified that no clients' assets were affected, and that the equities business is back to running as normal. Meanwhile, Adoboli's disastrous trades have spurred new action in the push to separate retail banks from their investment divisions.