UBS hit by £1.3bn 'rogue trader' loss

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Swiss bank UBS has admitted that it made a trading loss of around $2bn because of an unauthorised trade at its investment bank.

Police in London have arrested a 31-year-old man in connection with allegations of unauthorised trading that caused the loss.

Kweku Adoboli, believed to work in the European equities division, was detained in the early hours of Thursday and remains in custody.

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