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Swiss powerhouse UBS faces deeper scrutiny on oversight after $2bn loss in rogue trading
Kweku Adoboli and the entrance of the Swiss banking giant UBS main headquarters in Zurich. UBS revealed that a rogue trader had allegedly lost an estimated $2.0 billion (1.46 billion euros) in unauthorised trades, and that it may plunge into the red as a result. AFP
Until last week, Kweku M Adoboli was riding high, a young trader for a big bank, with a stylish apartment in a fashionable London neighbourhood and a steady girlfriend.
On Wednesday, the world of Adoboli — whose name in a language spoken in his native Ghana means “born on a Wednesday” — began to come tumbling down around him. After being questioned by compliance officers about some of his trades, he became evasive, later sending a “confessional” email to bank officials, saying that he did not have the information they wanted.
