UBS: Losses from rogue trader much higher than originally reported
- $2.3 billion estimated trading loss, up by $300 million source
» And the CEO won’t resign: Despite the black mark on his company’s record, Oswald Gruebel says he won’t resign due to the actions of rogue trader Kweku Adoboli. “I’m responsible for everything that happens at the bank,” Gruebel said. “if you ask me whether I feel guilty, then I would say no.” So how did Adoboli manage to hide his unauthorized trades? Well, before he became a trader, he worked in the back office, giving him knowledge of both sides of the coin. Authorities charged Adoboli in a London court on Friday.
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