UBS shares recover

UBS shares have recouped some of the losses they suffered in the wake of the Swiss bank’s announcement that it suffered a €1.48bn loss due to alleged rogue trading.

Its share price is 2% higher early today following its 10% slump on Thursday after it revealed that a single trader had caused the loss. Police in London arrested 31-year-old equities trader Kweku Adoboli.

Swiss newspaper Tages-Anzeiger reports that UBS is to cut jobs at its investment banking unit that suffered the loss. Citing unnamed sources it says the “massive” cuts will be announced on November 17.

Tages-Anzeiger also reported that the entire trading team where the alleged unauthorised deals took place has been suspended.

UBS officials could not immediately be reached for comment.