ubs

Discovery CEO David Zaslav (pictured) said at the UBS Media and Communications Conference in New...

Scandal-hit Swiss bank UBS AG reported Tuesday a 39 percent drop in third-quarter profit, slightly less than feared, due to a rogue trading loss in September that has thrown Switzerland's largest bank further into turmoil.

Embattled Swiss bank UBS said on Tuesday it expects to report a modest net profit for the third quarter after a rogue trading scandal.

Kelly Richmond Pope is an Assistant Professor in the School of Accountancy and MIS at DePaul University in Chicago, IL.

In this file photo of July 26, 2011, Oswald Gruebel, CEO of Swiss Bank UBS, speaks during a news conference announcing the second quarter results of 2011 in Zurich, Switzerland.

I'm a reporter on the Investments and Wall Street beat. Before joining Forbes, I wrote about everything related to financial advisors for a trade pub called Registered Rep.

A London court has ordered an alleged renegade trader accused of losing Swiss banking giant UBS about $2.3 billion to be held in jail until a hearing next month.

A Singapore state investment fund that is the biggest UBS shareholder said it is disappointed and concerned with lapses at the Swiss bank that led to a $2.3 billion rogue trading loss.

Kweku Adoboli, the UBS AG trader arrested in London yesterday, admitted to causing losses while the bank’s risk-control officers were examining his trades, a person with knowledge of the matter said.

UBS revealed Thursday that a 31-year old trader for the firm lost $2 billion on unauthorized trades in London.