UBS Executive Probing Adoboli Trades Didn’t Look at Co-Workers
This article is for subscribers only.
The UBS AG executive who conducted an internal review of Kweku Adoboli’s trades that allegedly caused a $2.3 billion loss didn’t look into the actions of any other traders on his desk or review their communications.
Ruwan Weerasekera, chief operating officer of securities at UBS’s investment bank, testified yesterday that, had he seen them, he would have reviewed the messages between Adoboli and John Hughes. Hughes, another former trader on the exchange-traded funds desk, exchanged messages with Adoboli that referenced a so-called umbrella account.