23 Sep 2011

Apology over Swiss banks' billion-dollar loss

4:43 pm on 23 September 2011

The man accused of unauthorised trading that lost Swiss bank UBS about $US2.3 billion has told a court he is sorry beyond words.

Kweku Adoboli will face a second count of fraud in addition to two charges of false accounting over three years.

Mr Adoboli worked for UBS's global synthetic equities division, buying and selling exchange traded funds.

The 31-year-old made no application for bail and gave no indication of how he would plead when he appeared in the City of London Magistrates' Court.

Mr Adoboli's lawyer says his client is sorry beyond words for what had happened.