Police in London arrest suspect in UBS losses

LONDON — Police in London’s financial district have arrested a 31-year-old man in connection with a massive loss reported by Swiss bank UBS.

City of London police said the man was arrested at 3:30 a.m. Thursday on suspicion of fraud by abuse of position. His name was not released.

UBS said earlier Thursday that a rogue trader caused it an estimated loss of $2 billion, and warned that it could report a loss for the entire third quarter as a result.