UBS will face the harsh glare of the spotlight again on
Friday, as opening arguments begin in the trial of a former trader accused of
hiding a multibillion-dollar loss at the investment bank, Dealbook reports.
Kweku M. Adoboli, 32, the former trader, faces charges of
false accounting and fraud in connection with a $2.3 billion loss at the bank.
He has pleaded not guilty.
“As uncomfortable as the entire trial will be for UBS, it
will show us what the consequences are when misconduct occurs or when
individuals do not take their responsibilities seriously,” the bank’s chief executive,
Sergio P. Ermotti, said in an internal memo made public by the firm…..
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