An expert witness in the criminal trial against Kweku Adoboli agreed that UBS had “insufficient procedures” in place at the ETF desk where the former trader is accused of losing $2.3bn from unauthorised trades.

Richard Evans, chief operating officer for Barclays' equities business in Europe, the Middle East and Africa, yesterday gave testimony as an expert witness for the prosecution in the criminal trial against Adoboli, who is accused of two counts of fraud and two of false accounting. He denies the charges.