At 3.30am this morning, a man was arrested by City of London Police in connection with an unauthorised trade that Swiss bank UBS said had cost it around $2bn. The trader is believed to be London-based Kweku Adoboli.

Adoboli, who is of Ghanaian descent and whose name means 'born on a Wednesday,' joined UBS as a trainee in March 2006, according to the FSA Register. He is a member of the Delta One team under John Hughes and worked on providing synthetic assets and derivatives for ETF providers.