UBS trader charged over $2bn loss

City of London police have charged UBS trader Kweku Adoboli with fraud in relation to the $2bn loss at the bank.

Adoboli has been charged with fraud by abuse of position and false accounting, following his arrest in the early hours of Thursday morning. UBS said yesterday it had sustained an unauthorised loss totalling approximately $2bn. The bank said no client positions were affected but warned the trading could lead it to report a loss for the third quarter. Adoboli, who worked in UBS' investment bank on its Delta One desk, has hired Kingsley Napley to represent him, according to Bloomberg. The law firm previously advised Nick Leeson when his $1.4bn loss brought down Barings in 1995. Adobol...