Losses at UBS as a result of alleged rogue trades by a London-based junior derivatives trader have been revised upwards to $2.3bn, just days after they were revealed.
A team of top traders at the bank has worked feverishly since Wednesday to unwind a huge position in equity futures, the scale of which the bank says was disguised with fictitious, offsetting positions in exchange traded funds, an investment vehicle that has surged in popularity recently.
UBS had estimated the trading loss at just under $2bn when it was first disclosed on Thursday morning last week.
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