1. London

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.

View all 5 updates ›

Banker 'thought he had magic touch'

A City trader who gambled away £1.4 billion thought he had "the magic touch" but caused "chaos and disaster", a court has heard.

Kweku Adoboli, 32, exceeded his trading limits to try to get a bigger bonus and boost his ego, Southwark Crown Court was told.

He is accused of two counts of fraud and two counts of false accounting while working for Swiss bank UBS.

The charges relate to the period between October 2008 and last September.

He is on trial because he lost his bank 2.3 billion US dollars (£1.4 billion). He fraudulently gambled it away. He also in doing so wiped around 10% or about 4.5 billion US dollars (£2.8 billion) off the bank's share price.

He did all of this by exceeding his trading limits, by inventing fictitious deals to conceal this and then he lied to his bosses.

Mr Adoboli's motive for this behaviour was to increase his bonus, his status within the bank, his job prospects and of course his ego.

Like most gamblers, he believed he had the magic touch.

– Prosecuting, Sasha Wass QC

More top news