Biography of Kweku ADOBOLIGhana > Finance : Kweku ADOBOLI
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Born on 15/09/1980 (format : day/month/year)
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Kweku Adoboli iborn September 15, 1980i s a trader who worked for the UBS bank in London. He has been accused of illegal trading and creating, over a 12 month period of loosing 2 billion dollars.
A suspected rogue trader has been arrested in London in a dramatic pre-dawn swoop on suspicion of losing a major investment bank £1. 3bn.
Thirty-one-year-old Ghanaian Kweku Adoboli was held on suspicion of committing fraud while working at Swiss bank UBS, after police raided his home at 3. 30am. After the raid the bank’s shares fell by seven per cent, as UBS warned that the unauthorised trading could tip the firm into a third-quarter loss.
Kweku Adoboli has always believed life is about winning and losing. He certainly knew how to win. At his desk in the City of London, at home and into the early hours, he dreamed up every conceivable way of making money.
They ranged from scouring the internet to make a few quick pounds buying and selling some online bargain, to pulling off a spectacular deal that would net him and his superiors at UBS profits they could count in millions.
But long before detectives arrived to arrest him at 3.30am yesterday, he had also discovered what it felt like to lose – in his case a staggering £1.3billion.
A highly educated young man from a respectable background in Ghana, in some respects Adoboli lived the free-wheeling lifestyle of the archetypal City trader.
He mixed champagne with takeaway pizzas, and his parties were notoriously riotous. But he also frequently worked through the night, doing what his bosses paid him to do – take risks.
According to colleagues, Adoboli – the ex-public schoolboy son of a retired senior United Nations executive – was more than a flash trader motivated purely by conspicuous consumption. They said it was making the money that drove him, not spending it.
He worked under extreme pressure, making instant decisions with fortunes at stake and taking bets on tiny movements in equity trades. He also gambled on which way currency would move, studying trends and collating information through the night and predicting what would happen when the markets reopened. What appears to have happened is that the Swiss Franc moved quicker than he did, and downwards.
Born in the thriving Ghanaian coastal city of Tema to affluent parents, his talent for solving mathematical puzzles was clear from an early age.
His father – a much respected UN official who has since retired – decided to send his talented son, along with his other children to boarding schools in the UK.
Adoboli adapted well to live in one of the boarding houses at Ackworth School, a fee-paying school in Pontefract, West Yorkshire, set up by Quakers in 1779.
Indeed, he was so well regarded by teachers that he was eventually made head boy. In a profile on the school website a teenage Adoboli wrote of his obsession with ‘sport, music, good reading and material things, (and girls as well).’
He also set out his ambition to be an athlete, writing: ‘If life is all about winning and losing then how can sport not be about winning and losing.’
After school, Adoboli toyed with becoming a chemical engineer before accepting an offer from the University of Nottingham to study a degree in E-commerce and digital business.
While at university he helped plan drunken nights out for new students, which he described as ‘an amazing opportunity for hundreds of students to meet at a jamboree of parties’.
After graduating in the summer of 2003, he lived in Nottingham for a while before moving to London where he relished the high life of the capital.
It was in March of 2006 that he joined UBS as a trainee.
In London, Adoboli threw himself into his work. He spent hours at his computer looking for minor investments and bargains, often Tweeting his triumphs so others could cash in on his research. ‘Check out this article!’ said one Tweet, giving an internet link. ‘I made $360 today!’
Last update : 09/19/2011Update this page