Oct. 15 (Bloomberg) — Tom Naratil, chief financial officer of UBS AG, said the Swiss bank fired as many as 550 employees after it suffered a $2.3 billion loss from unauthorized trading last year.
The bank's share price fell more than 10 percent on Sept. 15, 2011, the day the loss was announced, and employee morale suffered, Naratil testified today at the London trial of Kweku Adoboli, who is accused of causing the loss.
"We did have layoffs that continued in the period following the unauthorized trading incident," Naratil said via video link from New York, with most of the cuts coming in November and December.
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