UBS made a stunning announcement early this morning: an unauthorized trade by an employee had cost the Swiss bank an whopping $2 billion--a loss so massive that it might force UBS to report a loss for the entire third quarter. "You can be sure that it's the biggest we've ever seen for a Swiss bank," a Swiss banking regulator Finma tells the AP, as UBS shares fall. Police in London who arrested the "rogue trader," as he's quickly been dubbed by the media, have since identified the man suspected in the alleged fraud as the 31-year-old Kweku Adoboli. (UBS has yet to confirm the trader's identity.)
What do we know about Adoboli? A LinkedIn profile shows that he worked in UBS's European Equity Trading division. Indeed, he's frequently cited as a contact in ETF newsletters and went to school at the University of Nottingham. (The AP adds that he graduated in 2003 and studied computer science and management.) Adoboli joined UBS as a trainee in March 2006, according to the FSA Register.
His Facebook profile (now deleted) doesn't provide much more information, though it does indicate that Adoboli's musical tastes from British electronica artist MC Xander to Nigerian Afrobeat musician Fela Kuti and that his Facebook groups include Apple devices should support adobe flash player!!, www.iloveghana.com, and several photography fan pages.
News reports are surfacing additional information. Philip Octave, Adoboli's former landlord, remembers Adoboli as, in the AP's words, a "well-dressed quiet man of African origin who 'was not the tidiest' of people but very well spoken." Adoboli "was not a party chap," Octave recalled. "I found no problems."
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