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

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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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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.

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