It grows the hole in the accounts of Ubs. The Swiss bank announced today that it has revised upwards the amount it lost due to the unauthorized trades of London-based trader Kweku Adoboli, who will now face charges of fraud and false accounting. It seems that the figure that went up in smoke reaches 2,3 billion dollars.
Oswald Gruebel, managing director of the institute, announced that the damage suffered will have repercussions on the group's strategies. In a note released yesterday, UBS said Adoboli had concealed "unauthorized speculative trading operations on various futures on the S&P 500, Dax and EuroStoxx indices over the past three months".
News that has already brought heavy losses to the title of the Swiss Bank, which was in the red by 12% on the Zurich Stock Exchange around 2,8 noon.
