24/09/2013 00:00
F OR the Swiss bank UBS whose supervision of its London staff was so lax that Kweki Adoboli, a 31-year-old equities trader, was able to lose two billion euros without anyone noticing -- except Mr Adoboli himself who posted a Facebook message, Need a miracle. There was no miracle, just Mr Adoboli's own admission to the bank authorities of what had happened when he was caught by the Swiss Central Bank's decision to devalue its currency. UBS said that Mr Adoboli's loss might mean there would be no bonuses for the company's staff this year.
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