• Switzerland edition
 
Teary UBS 'rogue trader' gives evidence
Photo: Martin Abegglen

Teary UBS 'rogue trader' gives evidence

Published: 26 Oct 2012 17:04 GMT+02:00
Updated: 26 Oct 2012 17:04 GMT+02:00

Before entering the witness box at Southwark Crown Court, Adoboli was charged with two further counts of false accounting, to which he pleaded not guilty.

He choked up and wiped his eyes with a handkerchief when his lawyer noted that his father, a Ghanaian former United Nations official, had been at the court to support him since his trial began on September 10th.

Adoboli, 32, stands accused of faking hedge deals by inventing clients, leaving Switzerland's biggest bank exposed to huge losses when the market turned against him.

In addition to the new charges, he also denies two charges of fraud and two charges of false accounting in the period between October 2008 and September last year.

"This is the first opportunity you have had to give evidence on oath," his lawyer Paul Garlick told him.

Wearing a dark suit, white shirt and a red tie, Adoboli confirmed his name, date of birth and place of birth in the Ghanaian capital Accra.

He described his early life, moving from Ghana to Jerusalem, then Damascus, Ghana and Israel again due to his father's work.

He became emotional and wiped tears from his eyes as his lawyer said his father had been in the courtroom throughout his trial to support him.

After recovering his composure, Adoboli explained that to end the disruption of moving from country to country, he was sent to a Quaker boarding school in England and then attended a university in England.

While there he secured an internship with UBS, which then offered him a job.

After working in settlements and trade support, he joined the exchange traded funds (ETF) desk in September 2006, working under desk chief Mike Foster and alongside trader John Hughes.
   "The business was growing so rapidly and the book was so big and so complex
the two of them just couldn't do it on their own," he said.

Under Foster, profits grew from $5 million in 2005 to $65 million in 2007. When he left that year, it was a "huge blow".

That left Hughes as the senior trader, with just Adoboli alongside him.

Adoboli said it seemed "crazy" that a 26-year-old with five years' experience was in charge of a $50 billion book but "that's how it was".

"We wanted to make sure we could build something we were proud of," he said, breaking down in tears again.

"I did all of the client trading, all of the risk management of the book."

He said the two of them reported to a new line manager, but he "didn't have any experience of how an ETF desk works. To be honest, no one did apart from myself and John.

"After about six months, they realized, to be fair, we were struggling."

A "babysitter" was brought in to manage them, but he was made redundant in 2008, with a young trade assistant going at the same time, in the midst of the global financial meltdown.

"The markets had gone into the crisis that we are ultimately still in. We needed help," Adoboli said.

He said he would work from 6am until 9pm or sometimes later.

"On two occasions, I actually slept under the desk," he said.

"It didn't get any easier. The hours just got longer."

Your comments about this article

Today's headlines
Fourteen-year-old Swiss whiz kid enrols at uni
Bastian Eichenberger: speaks nine languages. Photo: Sandra Meyndt/University of Freiburg

Fourteen-year-old Swiss whiz kid enrols at uni

A Swiss teenager has become the youngest university student in Germany, according to media reports in Switzerland. READ  

Electrolux to close Swiss manufacturing plant
Photo: AFP

Electrolux to close Swiss manufacturing plant

Swedish home appliances maker Electrolux plans to close its production plant in Schwanden in the canton of Glarus, eliminating 120 full-time jobs, partly because of tighter rules about Swiss-made products. READ  

Three kids hospitalized in crossing car crash
Photo: Zurich cantonal police

Three kids hospitalized in crossing car crash

Three children are in hospital, including a six-month-old infant, after a car collided with a family walking across a pedestrian crossing in Oberglatt, a municipality near the Zurich airport, police said on Monday. READ  

Quarter of workers 'stressed out': survey
Photo: AFP

Quarter of workers 'stressed out': survey

More than 40 percent of employed people in Switzerland believe they suffer from overwork, while a quarter of them say they are stressed out, according to a new survey. READ  

Canadian Ebola vaccine headed for Geneva
Geneva's university hospital. Photo: Julien Gregario

Canadian Ebola vaccine headed for Geneva

Canada will start sending more than 1,000 doses of an experimental Ebola vaccine to Switzerland this week as part of the global fight against the deadly virus, a Geneva hospital says. READ  

Swiss mountains claim four weekend victims
View of Fluebrig mountain where the passenger of a tandem paragliding pair died in a crash. Photo: Roland zh/Wikimedia Commons

Swiss mountains claim four weekend victims

Swiss mountain accidents claimed the lives of four men at the weekend, including a 61-year-old man who died from injuries suffered while flying as a passenger with a paraglider in the canton of Schwyz. READ  

Federer and Nadal seek different goals in Basel
Federer at last year's Swiss Indoors. Photo: Fabrice Coffrini/AFP

Federer and Nadal seek different goals in Basel

Home hero Roger Federer and ailing Rafael Nadal will be working to completely different agendas when the Swiss Indoors begins on Monday. READ  

Neckwear exhibit set to tie Swiss into knots
A wall of album covers showing singers wearing ties or bow ties is photographed during the exhibition "The Tie: men fashion power" at the Swiss National Museum in Zurich. Photo: Fabrice Coffrini/AFP

Neckwear exhibit set to tie Swiss into knots

From a symbol of power to a fashion statement, ties in all their guises are on show at a new exhibition dedicated to the neckwear at the Swiss National Museum. READ  

Survey: Swiss motor boat theft on the rise
Lake Constance has experienced 82 thefts this year so far. Photo: Stephane Batigne

Survey: Swiss motor boat theft on the rise

Motor boat theft is a growing problem in Switzerland according to a new survey which puts the number of boats stolen this year to date as more than in the whole of last year. READ  

Voodoo chicken killing ruffles Geneva feathers
The chicken was decapitated and disembowelled. Photo: Karen Jackson

Voodoo chicken killing ruffles Geneva feathers

Residents of Geneva’s Petit-Saconnex district are petitioning for surveillance cameras in their local park after finding a dead chicken that appeared to have been killed in a voodoo-style sacrificial ceremony. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
National
Expat American professor disputes 'unjust' Swiss citizenship rejection
Features
Swiss-based English expat writer lauds immigrant 'brains and brawn'
International
Our survey: Switzerland third priciest for food and drink from back home
National
Zurich market gardener sets world 'record' for heaviest pumpkin
National
Report: Switzerland's residents richer than before economic crash
Features
Geneva lab sleuths use high tech to help art world uncover fakes
National
Father of Scot missing since early September fears Swiss trauma
National
Foreign women give birth to rising share of newborns: latest figures
National
'Giant's penis' bloom in Basel uni botanical garden bigger than ever
National
Switzerland's voters reject public health insurance proposal
National
Zooming foreign immigration continues to boost Swiss population
National
Scientific study rings alarm over wellbeing of Swiss cows with bells
National
Geneva MP seeks ban on charging for tap water in restaurants
Business & Money
Switzerland's residents top world financial wealth list: Allianz report
National
Saint Maurice abbey in Valais celebrates 1,500 years of history
National
Streaming movie video service Netflix arrives in Switzerland
National
Professional Chilean base jumper dives to death in Swiss Alps
Education
ETH Zurich remains top university in Europe: QS world rankings
National
Switzerland's housing vacancy rate jumps: new federal figures
National
Swiss football club fires team masseuse over explicit sex video
National
Geneva police arrest easyJet passenger over hand luggage row
Business & Money
Latest forecasts for Swiss economic growth turn less bullish
Sport
Formula One legend Schumacher to continue treatment at Swiss home
National
Former federal planning official calls for nine Swiss cantons
Features
The Local gets the lowdown on mushroom picking in Switzerland
National
Virgin boss Richard Branson's son rescued from peak of Matterhorn
National
Swiss President Didier Burkhalter's commute turns Twitter sensation
Features
High-tech cameras give dizzy view of Eiger's north face (VIDEO)
Politics
Baden municipal council strips 'nude selfies mayor' of duties
Business & Money
Switzerland stays atop competitiveness table for sixth year
National
Federal parliament secretary agrees to step down over nude selfies
National
Swiss residents pick Swedes as ideal European soul mates: survey
National
Zurich officials call project to move prostitutes to 'sex boxes' a success
National
Swiss gays recognized as parents of child born to surrogate mother
Health
Increase in mountain bike accidents keeps Swiss hospitals busy
National
Swiss policeman belatedly honoured for saving Jews from Holocaust
National
'Suicide tourists' to Switzerland double in three years: study
National
Swiss Post SMS scheme gets stamp of approval after pilot project
Business & Money
American tax evasion crackdown hits Swiss private banks' bottom line
Politics
Woman accuses Swiss politician in nude selfies scandal of lying
National
Villagers in Graubünden valley reject hydro plant to protect vultures
Business & Money
Court rules against appellation for absinthe from Neuchâtel valley
National
Two hundred passengers rescued after landslide derails Swiss train
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

2,268
jobs available