City: Alleged rogue trader losses revised upwards
CITY: UBS has revised upwards the amount of money it lost through alleged rogue trading to �1.5 billion from �1.3 billion.
The Swiss bank had previously said the incident had cost it in the range of �1.3 billion, which it said could push it into a loss for the third quarter of 2011.
It also shed more light on why the losses occurred, saying “the true magnitude of the risk exposure had been distorted because the trades had been offset in our systems with fictitious” positions.
Trader Kweku Adoboli appeared in court last week accused of fraud and two charges of false accounting, one of which dated back to 2008.