UBS managers aware of rogue trader's actions: press

18th October 2011, Comments 0 comments

Managers of the UBS trader whose rogue trade led to a $2.3 billion loss for the Swiss bank were aware of his actions, a Swiss economics magazine said.

Kweku Adoboli, 31, who has been charged for the fraudulent trade, had informed superiors about all his transactions, said the bi-monthly Bilan magazine to be published Wednesday.

"It appears that Adoboli did not act on his own ... and we may even be surprised to see his responsibility mitigated," a source close to the bank told the magazine.

The head of risk management in the investment bank unit, Mark Sanborn, "was possibly aware".

Likewise, the chief risk officer of the group Maureen Miskovic, was "also likely to be sullied by the affair."

UBS shocked markets on September 15 when it revealed the 1.7 billion euros scandal which eventually led to the resignation of its chief executive Oswald Gruebel.

Two other UBS executives -- Francois Gouws and Yassine Bouhara, co-heads of the Global Equities unit, have also stepped down.

The bank is scheduled to publish its third quarter results on October 25.

© 2011 AFP

0 Comments To This Article