UBS bank trader received warning for conduct - Investments - News - Moneyfacts


UBS bank trader received warning for conduct

UBS bank trader received warning for conduct

Category: Investments

Updated: 26/09/2012
First Published: 26/09/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The trial of a former UBS trader has heard how the Swiss bank previously warned the accused for exceeding trading limits.

Kweku Adoboli was initially reprimanded by his line manager in December 2010 following complaints by his colleague, John Hughes, that he had breached daily limits.

Despite being "told off", Adoboli continued to take risks. At one point it is reported he risked losing £7.4 billion, although he claims his risk-taking was supported by his managers.

Adoboli has pleaded not guilty to the charges of false accounting and fraud between October 2008 and September 2011.

The former trader's actions resulted in a loss of £1.4 billion for the bank, threatening its existence and reducing its share price by £2.8 billion.

Compare Investments

Find the right investment with and TQ Invest. Compare and arrange low cost investments - ISAs, funds and unit trusts.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Pound plummets as FTSE soars

A second significant fall in the pound has taken place. While this drop may be unhappy news for people who are about to go on holiday, it has given the FTSE 100 quite a boost, as it has passed the 7,000 mark for the second time in as many years.

Would you risk the stock market for £400,000?

It’s becoming increasingly difficult to secure decent returns on cash savings these days, yet we all know that investing in cash is the safest option. But would you risk that level of security for the chance of a £400,000 profit?

Don’t be a victim of investment fraud

Low savings rates have led many of us to desperately scour the market in hopes of finding a deal that will pay more. However, this search means that more and more savers are being tempted by unfamiliar investments.