trading loss

Kweku Adoboli, the former UBS AG trader accused of causing a $2.3 billion loss, was sent e-mails alerting him to the conduct of Jerome Kerviel at Societe Generale SA.
According to criminal trial testimony, UBS AG fixed a loophole that former trader Kweku Adoboli allegedly used to conceal unauthorized transactions by giving them long-term settlement dates.
Tom Naratil, chief financial officer of UBS AG, said the Swiss bank fired as many as 550 employees after it suffered a $2.3 billion loss from unauthorized trading last year.
A colleague of Kweku Adoboli at UBS AG discussed a “slush account” with him in online chats after the former trader told him he was holding profits off the books.
JPMorgan Chase & Co.’s trading loss of more than $2 billion points to failures in the bank’s risk- management practices, U.S. regulators told lawmakers today.