Former UBS trader faces trial over $2.3 billion losses

Kweku Adoboli smallA former UBS trader goes on trial in London this week in a case involving losses of $2.3 billion (1.4 billion pounds) that will subject the Swiss bank to an “uncomfortable” examination of its culture and practices.

Investment banker Kweku Adoboli, who was arrested a year ago when the huge losses came to light, has pleaded not guilty to two charges of fraud and two of false accounting related to disastrous trades that UBS says were unauthorised.

Source: Reuters/Estelle Shirbon

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