John Hughes, the former senior trader on an exchange-traded funds desk at UBS AG, was banned from working in the U.K. finance industry over his involvement in a $2.3 billion unauthorized trading loss caused by Kweku Adoboli.
Macquarie Group Ltd., Australia’s biggest investment bank, named Benjamin Way Asia chief executive officer, replacing Alex Harvey, who will become chairman for the region and global head of principal investments.
John Hughes, the former senior trader on the exchange-traded funds desk at UBS AG’s global synthetic equities division, was banned from working in the U.K. finance industry over his involvement in a $2.3 billion unauthorized trading loss caused by Kweku Adoboli, another former UBS trader.
When Oswald Gruebel, chief executive officer of UBS AG, stepped off a plane in Zurich at dusk on Sept. 14, 2011, he had an urgent message on his mobile phone from investment-banking head Carsten Kengeter.
John Hughes, who worked with Kweku Adoboli on the UBS AG ETF desk and didn’t alert management to a secret account Adoboli had where he hid profits to cover future losses, testified his firing was fair.
On a cool late summer evening last year in London’s financial district, with the euro-zone crisis worsening and Greece tottering on the edge of default, Kweku Adoboli says he asked the three traders who worked with him at UBS AG’s exchange-traded funds desk to join him for a drink.
Kweku Adoboli, the former UBS AG trader on trial for fraud, went to “more elaborate lengths to make money” than others did as he produced large profits for the bank’s ETF desk, his ex-colleague John Hughes told a judge.