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Lunchtime Links: Kweku Adoboli is sorry beyond words for his disastrous miscalculations

If you work at UBS and are worried about your job or your bonus or your deferred bonus from last year, Kweku Adoboli would like to say sorry.

In fact, he would not actually like to say sorry, because he is “sorry beyond words”, he would merely like to make a gesture of contrition for what he describes as his, “disastrous miscalculations.”

Bloomberg notes that Adoboli hasn’t applied for bail and that he’s been in police custody since he was arrested seven days ago. It suggests he didn’t apply for bail because he thought it would be refused. He may also be trying to escape the ire of his former colleagues.

BNP Paribas to cut ‘significant number’ of investment banking jobs. (Bloomberg)

“The discussions are currently about possible successors. Once a decision is made, the departure of the CEO (Oswald) will be announced.” (Marketwatch)

Grübel told employees at a closed, one and a half hour meeting Tuesday that UBS will retain its investment banking division. (Financial News)

Mr Grübel gave a rousing “town hall” address to Singaporean staff at the bank’s local headquarters. (Financial Times)

The FSA is investigating multiple cases of rogue traders, 3 of which involve other people who’ve moved from the back office. (Wall Street Journal)

Average compensation of traders at Glencore in London fell 36% to 500k last year. (The Times)

Morgan Stanley shares fell 8.6% yesterday. (Financial Times)

“This is no market for young men,” Grantham said. “At least us old men remember what a real bear market is like, and the young men haven’t got a clue.” (Financial Times)

Goldman employee alleged to have made 36k insider trading with his father. (Telegraph)

There is lots of work teaching English to Japanese salary men. (Yahoo)

Comments (18)

  1. “Sorry beyond words”? Oh, well that’s alright then…

  2. XXX – are you Peter Oborne in disguise?

    Sarah, Editor, eFinancialCareers Reply
  3. No, I’m someone else in disguise.

  4. Kweku Adoboli?

    Sarah, Editor, eFinancialCareers Reply
  5. To XXX – Superbly well done for highlighting a hugely important and relevant article.

    To Editor, eFinancial – Your response really does draw attention to both your own shortcomings as editor of a financial website and also the standards with which you seem to be satisfied for the site itself. Emphatically not great.

  6. @de – that article is interesting, but it’s a partisan article on the evolution of the Conservative party and therefore not strictly relevant to financial services and recruitment. As for my response, I was merely trying to come back on a personal slight.

    Sarah, Editor, eFinancialCareers Reply
  7. Well thanks to him UBS has hit the headlines yet again for all the wrong reasons, others will suffer by means of getting sacked and no bonuses but that ok, at least he said SORRY.


  8. ‘it’s a partisan article on the evolution of the Conservative party’

    – you’re not serious?

  9. “t’s a partisan article on the evolution of the Conservative party.”

    Absolute nonsense!

  10. And, of course, Oxbridge lefties like Sarah could never be partisan. It just wouldn’t happen, would it?

  11. Do you realise that by printing the fact that he is sorry beyond words, you are potentially committing a pretty serious contempt of court? As he appeared in a magistrates court, you are bound by the 10 points of the magistrates court act. You will see that most of the mainstream press have not used the quotes from the defence QC because using them is in flagrant breach of the act. The punishment can run into thousands and even prison. Lets hope the judge never sees this. Maybe your journalist should go back to journalism school and brush up on their media law…

    Come on guys… Reply
  12. i used to work with one of the risk people before she went to UBS.

    She was useless.

  13. @Come on guys. This is currently being reported by AFP, Reuters, Bloomberg, (the Daily Mail) and the Evening Standard.

    Sarah, Editor, eFinancialCareers Reply
  14. To Sarah – unless the comments on here are somehow of constructive nature it would be better if you leave them unaddressed. Just stay cool and do your job gracefully Sarah.

  15. @Sarah Husband – very good point! Sarah should only respond to comments that agree with her rather blinkered world view.

  16. Is he sorry for the losses and pain he is causing? Like Eff and Jeff he is. He is only sorry he got caught and won’t be getting any bonus on his planned gambling successes.

  17. Sarah does a great job at writing some very relevant articles and provides hard to come facts on so many aspects of banking that are relevant to our personal lives. I cannot believe that people come here to read her comments and then leave annoying comments.
    If you don’t like the articles, why show up?

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