Regulatory efforts to make senior managers accountable for the actions of their juniors are doomed to failure, according to the UK’s two most notorious rogue traders.
Kweku Adoboli, the former UBS trader imprisoned in 2012 for losing the Swiss bank $2.3bn, and Nick Leeson, the self-proclaimed “original rogue trader”, have both criticised the accountability rules, which are soon to be extended from bankers to asset managers and hedge funds.
