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Swiss Banking Giant UBS Loses $2 Billion In Unauthorized Trading

Swiss UBS's building in New York (file photo)
Swiss bank UBS says it has discovered that unauthorized trading by one of its staff has caused an estimated loss of $2 billion.

The Zurich-based bank said the development could lead to a third-quarter loss of 2011.

It said that no client banking accounts were affected by the incident but provided no further details.

After the announcement, shares in the Swiss banking giant fell by more than 7 percent.

compiled from agency reports