Trader faces two counts of fraud

The trial of a City trader accused of losing £1.4 billion while working for Swiss Bank UBS is due to begin.

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Banker 'risked existence of UBS'

Kweku Adoboli worked for UBS's global synthetic equities division, buying and selling exchange traded funds (ETFs), which track different types of stocks, bonds or commodities such as metals.

UBS discovered in September last year that Adoboli's deals had caused the bank a loss of 2.3 billion US dollars (£1.4 billion), and "his fraud had unravelled", the court was told.

To put the huge trading loss in some sort of perspective, 2.3 billion US dollars is enough to pay a year's salary for nearly 70,000 new nurses or two Wembley stadiums or perhaps even six new hospitals.

This colossal loss arose purely as a result of Mr Adoboli's fraudulent deal making, which amounted as you will see, to nothing more than gambling.

He was lying to the bank, both to his senior managers, his risk control department, and the accounts department.

In effect he was risking the very existence of the bank by gambling its resources, ultimately for his own benefit.


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