UBS rogue trader: Nothing’s changed, and next phase of financial crisis could prove it

The London trader who years ago hobbled Swiss investment bank UBS by racking up some $2 billion in losses told the BBC in an interview posted on Monday that not much has changed since he was jailed in 2012, and that the kind of crime he committed could “absolutely” happen again.

“I think the young people I’ve spoken to, former colleagues I have spoken to, are still struggling with the same issues, the same conflicts, the same pressures to achieve no matter what,” he said. “And this goes back to the structure of the industry. People are required to take risk to generate profit, because yields in the industry are consistently compressed.”

A year after being released from prison, Kweku Adoboli also said there’s an increasing likelihood of another trader going rogue to such a degree as we enter “the next phase of the great financial crisis” over the next couple of years.

Read on.

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