UBS trader arrested over 'rogue deals'
Police in London have arrested a 31-year-old man in connection with allegations of unauthorised trading which has cost Swiss banking group UBS an estimated $2bn (£1.3bn).
Kweku Adoboli, believed to work in the European equities division, was detained in the early hours of Thursday and remains in custody.
UBS shares fell 8% after it announced it was investigating rogue trades.
The Swiss bank said no customer accounts were affected.
A spokesman for City of London Police, which is responsible for the city's financial district, said: "We can confirm we arrested a 31-year-old man at 3:30am on suspicion of fraud by abuse of position."
In a letter to its 65,000 staff, UBS warned that the rogue trades could hit profits.
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One would have thought that after Nick Leeson big banks like this would sort out internal controls.
Police in London have arrested a 31-year-old man in connection with allegations of unauthorised trading which has cost Swiss banking group UBS an estimated $2bn (£1.3bn).
Kweku Adoboli, believed to work in the European equities division, was detained in the early hours of Thursday and remains in custody.
UBS shares fell 8% after it announced it was investigating rogue trades.
The Swiss bank said no customer accounts were affected.
A spokesman for City of London Police, which is responsible for the city's financial district, said: "We can confirm we arrested a 31-year-old man at 3:30am on suspicion of fraud by abuse of position."
In a letter to its 65,000 staff, UBS warned that the rogue trades could hit profits.
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One would have thought that after Nick Leeson big banks like this would sort out internal controls.
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