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UBS, the Swiss-based mega-bank, says that it has discovered a loss due to “unauthorized trading by a trader in its Investment Bank.” The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of US$2 billion.
UBS says that it is possible that this could lead UBS to report a loss for the third quarter of 2011.
According to UBS, no client positions were affected.
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