Scandal-hit UBS today admitted internal financial controls were “not effective” when alleged rogue trading took place at the bank, as it revealed the action had triggered a 39% slump in profits.

Banking giant UBS said today that it no longer expects to report a loss in the third quarter despite the $2.3bn (€1.74bn) hole left by alleged rogue trading.

Swiss bank UBS says its chief executive has resigned over a £1.5bn rogue trading loss.

THE trader accused of a $2.3 billion (€1.7bn) fraud at Swiss bank UBS is “sorry beyond words”, his lawyer said yesterday, as a court remanded him in custody for another month.

UBS today revised upwards the cost of the rogue trading to $2.3bn.

The London market watchdog has launched an investigation into why UBS failed to spot allegedly fraudulent trading which has cost the Swiss banking giant £1.3bn.

A CITY trader wept in the dock yesterday as he appeared in court accused of a £1.3 billion (€1.45bn) fraud at Swiss banking giant UBS.

A UK trader wept in the dock today as he appeared in court accused of a £1.3bn fraud at Swiss banking giant UBS.

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.

A suspected rogue trader was being questioned today after Swiss banking giant UBS discovered €1.48bn worth of unauthorised deals.

SWISS banking giant UBS said yesterday that a rogue trader has caused it an estimated loss of €1.66 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorised trades.

A 31-year-old man was arrested in London today in connection with allegations of €1.48bn of rogue trading at Swiss banking giant UBS.