Ex-UBS Trader Blames $2B Loss On Pressure From Bosses

Law360, New York (October 30, 2012, 11:01 PM EDT) -- London-based trader Kweku M. Adoboli, charged with costing UBS AG $2.3 billion in losses, reportedly told a jury Tuesday in London that he had buckled under pressure from his bosses to bring in profits.

Adoboli told the jury that he had lost control and that UBS managers knew what he was doing and wanted him to “push the boundaries,” according to a report by the Associated Press. He said a fellow trader once mocked his conservative approach to trading in an email that circulated in the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.