UBS rogue trader’s final losses put at $2.3bn

THE LOSSES generated by the UBS rogue trader Kweku Adoboli have come to a total of $2.3bn, $300m more than was predicted last week due to the costs associated with winding down his various trading positions.
 
The 31-year-old has been charged with false accounting and fraud after he was arrested last week in a dramatic early morning raid on the Swiss bank’s London headquarters.

He is understood to have made the losses by creating "fictitious" hedges and "unauthorised speculative trading in various S&P 500, DAX, and EuroStoxx index futures" over the past three months.

UBS has now set up a committee, headed by senior independent director David Sidwell, to investigate the case. The bank’s chief executive, Oswald Grubel, said over the weekend that he would not be quitting and that he felt no guilt about the affair, adding, "If someone acts with criminal intent, you can't do anything".
 
Read a full report at the Daily Telegraph.
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