Kweku Adoboli, the ex-UBS trader who caused the bank a $2.3 billion loss, has been found guilty of two counts of fraud by abuse of position, and cleared of four counts of false accounting. He has been sentenced to seven years in prison.

Adoboli, 32, denied four charges of false accounting and two of fraud between October 2008 and September 2011. He was arrested on September 15, 2011, when the Swiss bank announced it had uncovered unauthorized trading by a trader in its investment bank in London.

The case was heard at Southwark Crown Court.

Adoboli told the jury his senior managers knew of the risks he was taking, according to the BBC.

UBS said: "We are glad that the criminal proceedings have reached a conclusion and thank the police and the UK authorities for their professional handling of this case. We have no further comment." It was not a party to the case.

In the wake of the trading loss, UBS then-chief executive Oswald Grübel resigned. He was replaced by senior UBS executive Sergio Ermotti.