Swiss banking giant UBS has been fined €36.3m by the UK's City watchdog for failings which allowed convicted rogue trader Kweku Adoboli to lose €1.72bn.

The London market watchdog has launched an investigation into why UBS failed to spot allegedly fraudulent trading which has cost the Swiss banking giant £1.3bn.

A CITY trader wept in the dock yesterday as he appeared in court accused of a £1.3 billion (€1.45bn) fraud at Swiss banking giant UBS.

A UK trader wept in the dock today as he appeared in court accused of a £1.3bn fraud at Swiss banking giant UBS.