LONDON (Reuters) – Ex-trader Kweku Adoboli told a court on Monday his bosses at UBS , including senior executive Carsten Kengeter, had been pushing him to take more risks when he took positions that eventually cost the Swiss bank $2.3 billion.
Giving evidence at his criminal trial, Adoboli quoted another senior executive as telling him in April 2011 he should keep testing the boundaries until he received “a slap on the back of the wrist”.
Adoboli, 32, was arrested on September 15, 2011 and his trial started a year later. He has pleaded not guilty to two counts of fraud and four of false accounting.
The prosecution have described him as a “rogue trader” who far exceeded his risk limits and concealed his unhedged positions by making fictitious bookings into the accounts.
The British-educated Ghanaian does not deny he made fictitious bookings, but he says everything he did was to generate profits for UBS, the Swiss bank he considered his “family”.