UBS CFO Says 550 Fired After $2.3 Billion Trading Loss

http://www.bloomberg.com/news/2012-10-15/ubs-cfo-says-550-fired-after-2-3-billion-trading-loss.html

Tom Naratil, chief financial officer of UBS AG (UBSN), 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, the trader accused of causing the loss.