Thursday 21 September 2017

Trader weeps as court hears how deals lost bank £1.4bn

Jonathan Brown

AN alleged rogue trader wept as a court heard how his actions threatened to lose his employer £7.5bn (€9.3bn).

Kweku Adoboli (pictured) was 27 when he was put in charge of a £31.1bn (€38.7bn) portfolio by Swiss bank UBS.

Now 32, he described the bank as like a "family" to him as Southwark Crown Court was told his unauthorised positions eventually lost the financial institution £1.4bn (€1.74bn).

Mr Adoboli, who joined the bank as an intern from Nottingham University, claimed he made illegal "off-book" trades not for personal gain but to cover the vast losses on his desk buying and selling exchange-traded funds for UBS's global synthetic equities division.

He said he and a 25-year-old senior colleague struggled to cope.

"Our book was massive. A tiny mistake led to huge losses. We were these two kids trying to make it work," he said.

Fighting back tears he added: "It's hard to find the words to describe the relationship I had with UBS. It isn't about a bank. It was about what I thought was my family. Every bit of effort I put into that organisation was for the benefit of the bank."

Mr Adoboli, of east London, has pleaded not guilty to two counts of fraud and four of false accounting. The trial continues. (© Independent News Service)

Irish Independent

Editors Choice

Also in World News