* YOU BEEN SNAP* MAPESA NEWS" Suspected UBS rogue trader says he is 'sorry beyond words' as the bank's chief executive fights for his job"

*MKILETEWA HAPA NA FLORA LYIMO DESIGNER*

The UBS trader accused of unauthorised deals that lost the bank a record £1.5billion said today 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.'

Sorry: Kweku Adoboli leaves City of London Magistrates court today after saying he was 'sorry beyond words' for the record £1.5billion losses suffered by Swiss banking giant UBS;

No smiles: Adoboli sat in the dock as his barrister told the court in London: '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.'

Handcuffed: City trader Adoboli is lead from the court into a custody van. He now faces a second fraud charge ;

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.

In court: City trader Kweku Adoboli, 31, arriving at City of London Magistrates' Court where he is accused of two counts of fraud and two charges of false accounting;

Cuffed: Adoboli wearing a dark suit and tie. Prosecutors allege he lost cash while working at UBS's global synthetic equities division, buying and selling exchange traded funds;

No bail application: Dozens of photographers gather to catch a glimpse of Adoboli entering court. His lawyer, Louise Hodges, has made no application so far for bail for her client;

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.'

Pictured leaving court last week: Adoboli's alleged fraud offence took place between January 1 and September 14 this year;

Smiling: City of London Magistrates are set to consider Adoboli's custody conditions at the first of two committal hearings. He is pictured smiling leaving court last week;

Prosecutors allege Mr Adoboli lost the cash while working at UBS's global synthetic equities division, buying and selling exchange traded funds, which track different types of stocks, bonds or commodities such as metals.

The alleged fraud offence took place between January 1 and September 14 this year.

The fraud charge against him reads: 'While occupying a position, namely being a senior trader with Global Synthetic Equities, in which you were expected to safeguard, or not to act against, the financial interests of UBS Bank, you dishonestly abused that position intending thereby to make a gain for yourself, causing losses to UBS or to expose UBS to risk of loss.'

The two accusations of false accounting - which date back to 2008 - claim that he 'falsified a record, namely an exchange traded fund transaction'.

After Adoboli's first appearance in court, UBS revised upwards the cost of the rogue trading to £1.5 billion after previously saying the incident had cost it in the range of 1.3 billion.

City watchdog the Financial Services Authority and its Swiss counterpart have launched an investigation into why UBS failed to spot allegedly fraudulent trading.

Shares in UBS were down 4.9 per cent at 9.785 francs by afternoon trading, in line with a sharp fall by the European banks sector index .

UBS's trading loss could have wider repercussions for the global banking industry, which is already struggling with Europe's debt crisis and fears that the U.S. economy could slip back into recession.