ZURICH (Reuters) - Switzerland's UBS said on Thursday it had discovered that unauthorized trading by a trader in its investment bank has caused a loss of some $2 billion.
"It is possible that this could lead UBS to report a loss for the third quarter of 2011. No client positions were affected," the bank said in a brief statement just before the stock market opened.
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UBS shares immediately tumbled 8 percent.
(Reporting by Emma Thomasson)