A former UBS trader jailed for fraud after losing the bank £1.4bn has said it could happen again.

Banking group UBS claimed today that the botched stock market listing of social networking giant Facebook cost it 349 million Swiss francs (€290m).

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.