Rogue trader suspect Kweku Adoboli has appeared in court after being charged with fraud over £1.3 billion worth of unauthorised deals at Swiss banking group UBS.
The 31-year-old wept in the dock as he appeared before City of London Magistrates on Friday, just hours after he was charged by police.
He was arrested by police yesterday. Following the allegations there are questions why UBS did not notice the activity.
"Until UBS has explained in detail how such a significant loss due to (alleged) unauthorised trading could happen, and how the problem will be solved, confidence will remain impaired," said Andreas Venditti, an analyst at Zuercher Kantonalbank, told the Herald Sun.
Adoboli is the son of a UN worker. His father told reporters at the Wall Street Journal he had lived frugally, adding: "We are devastated. We are shattered."