'Sorry Beyond Words' Says Suspected UBS Rogue Trader Kweku Adoboli

The UBS trader accused of unauthorised deals that lost the bank a record £1.5billion said on Thursday he was ‘sorry beyond words’. Suspected rogue trader Kweku Adoboli sat at City of London magistrates' court today as his barrister Patrick Gibbs QC told the court: 'He is sorry beyond words for what has happened here. 'He went to UBS and told them what he had done and he stands now appalled at the scale of the consequences of his disastrous miscalculations.' The 31-year-old City trader did not seek bail or enter a plea. He was remanded in custody until a further hearing October 20. Meanwhile UBS chief executive Oswald Gruebel battled to keep the Swiss bank’s investment arm and save his job. Mr Gruebel is in a series of meetings in Singapore where he is fighting to maintain the investment bank as part of the group’s business alongside wealth management. The chief executive said on Wednesday he had the support of the bank's board ahead of its first meeting since announcing the loss. An executive at UBS shareholder Threadneedle Investments said there was no need for the bank's chairman or chief executive to resign over the rogue trader incident, but called for a change in its investment bank model. 'It's a very high quality business with a terrific reputation, but it's been tarnished by inability to manage the risks,' said Leigh Harrison, Threadneedle's global equities head. 'It doesn't have to be in every part of investment banking,' he said. The market expects to see at least one senior head roll, according to Reuters. 'The best signal ... would probably be for UBS to let go of Carsten Kengeter, who as CEO of investment banking is ultimately responsible for the losses,' said Christian Stark, analyst at Cheuvreux. 'It would also send a signal that the board realises it made mistakes in aggressively rebuilding IB (the investment bank) and (would) make any commitments to downsize IB appear more credible.'