UK True Crime Podcast An Out of Control City Trader: Episode 431
Feb 18, 2025
Dive into the thrilling world of high finance where greed leads to collapse. Discover the shocking tale of Kweku Adoboli, a promising trader whose unauthorized trades cost £1.4 billion. Unpack the intense pressures and consequences he faced as his career plummeted. Learn about the fallout for UBS, from damaged reputations to job losses. This cautionary story highlights the dark side of ambition, revealing how one man's choices can impact an entire institution.
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Trader's Confession Email
- UBS compliance staffer William Stewart investigated glaring financial irregularities involving billions.
- Trader Kweku Adoboli initially blamed staff shortages but later confessed through email his trades were fake and off-book.
Pressure Led to Cutting Corners
- Adoboli admitted the pressure from being understaffed forced him to cut corners in trading work.
- He said the market was crazy and client demands were high, causing strain that led to errors.
Impact of Incorrect Trade Booking
- Incorrectly booked trades, such as wrong dates, can mislead markets about demand or price direction.
- Such errors can be exploited to manipulate market perceptions and profit unfairly.