Kweku Adoboli , a 31 year old trader, has been arrested over a rogue trading binge that resulted in a $2 Billion loss for his employer, UBS. London’s Telegraph says the picture above is of him, although that picture on Facebook, also of a guy named Kweku Adoboli, just mentions his love of photography and that he’s not a terrorist.
You would think UBS would know better… or perhaps people just relate “Swiss Banking” to one kind of con game or another. London’s Telegraph say city records show Kweku Adoboli joined UBS as a trainee just five years ago. He had worked as a communications officer 10 years ago, which naturally leaves one to wonder how one can progress from being a communications officer to a rogue trader.
UBS said in a statement that the trades Kweku Adoboli made were unauthorized, and resulted in a $2 Billion loss for the bank. Kweku Adoboli worked in the bank’s exchange traded funds department. That was a part of UBS’s investment bank.
Kweku Adoboli Arrested In Dead of Night
Kweku Adoboli, according to the Telegraph, was arrested at 3:00am London time today.
Shares of UBS plunged in Switzerland as the news spread.
Kweku Adoboli worked in the bank’s exchange traded funds (ETFs) business.
Kweku Adoboli May Not Have Done Much
The Telegraph says according to an internal email, UBS says its core strength remains unscathed. So it looks like UBS thinks Kweku Adoboli didn’t do much by losing $2 B.