Kweku Adoboli arrested in Switzerland
Kweku Adoboli arrested as largest rogue trader in Switzerland
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Kweku Adoboli will enter the history books alongside Nick Leeson and Jerome Kerviel. The rogue trader has allegedly racked up losses of $2 billion on UBS’s balance sheet but and no client money was involved.
An alleged rogue trader at UBS was arrested by police following a string of unauthorised trades making this is now the biggest rogue trader loss for a Swiss bank.
Swiss banking giant UBS stated that a rogue trader caused more than a $2 billion, where Police in London had arrested a 31-year-old man called Kweku Adoboliin in connection with the loss. Switzerland’s largest bank UBS warned that it may be looking at reporting an entire loss for the third quarter as a result of the rogue trader Kweku Adoboliin. This rouge trader will cause the share to drop but the news of the losses once announced could send shares plummeting.
Nick Leeson, a British trader working in Singapore for Barings Bank, made unauthorised futures trades that lost more than $1 billion and led to the venerable bank’s collapse in 1995. The infamous case prompted banks worldwide to tighten their internal checks.
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