UBS Encouraged Kweku Adoboli To Develop Other Interests Outside Rogue Trading, Which It Condoned, Says Lawyer/Old Boss

Adoboli lawyer Charles Sherrard said the bank became “more aggressive in terms of its desire to make profits” in 2011, while cross-examining one of Adoboli’s former bosses at a fraud trial in London today. “The culture, practice at the bank you were working for, didn’t matter as long as you were making money,” Sherrard said to Ron Greenidge, who oversaw UBS’s exchange-traded-funds desk until April of last year…Greenidge, who worked at UBS for 19 years, said today he was dismissed for gross misconduct because of Adoboli’s trades. He said he felt the bank was making him a scapegoat…Sherrard read out Adoboli’s performance reviews from 2009 written by Greenidge, which said the trader needed a better balance between work and other activities. Greenidge said Adoboli was a “great ambassador for the ETF product” and had outstanding performance that year…The culture at UBS changed with the arrival from Deutsche Bank of Yassine Bouhara in 2010 as the co-head of equities, Sherrard said. Bouhara is no longer at the bank. “The very nature of the bank became more aggressive in terms of its desire to make profit,” Sherrard said to Greenidge. “The mantra was coming from above was revenue, revenue, revenue.” [Bloomberg]

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17 Responses to “UBS Encouraged Kweku Adoboli To Develop Other Interests Outside Rogue Trading, Which It Condoned, Says Lawyer/Old Boss”

  1. Guest says:

    Greater Revenue =/= Greater Profit

    -Cost of Sales Genie

  2. LEH says:

    Greater VaR == Greater Profit

  3. Danker_Banker says:

    Greater photoshop, excel, scanners, and both laser and ink jet printers = Greater Profit

    –Russell Wasendorf Sr.

  4. Guest says:

    I would also encourage Kweku to not lie down so much (bedsores and all that).

  5. Glad I. Left says:

    Yup, that was it!! The more revenue the bigger the bonus at the top!! Some things never change!!

  6. Kweku Ballout says:

    "It's like having rainman on the floor except you can touch him and shit"

  7. Pedantic Guy says:

    Dear Mr. Greenridge,

    Are you sure the culture changed, because from my viewpoint, it looks like you (you as in UBS — and don't you dare try adding & US, because that's where I draw the line) continued to do what what you do best — lose lot's and lot's of money. Whether one calls this culture "reputation, reputation, reputation", or "revenue, revenue, revenue" doesn't change that fact.

  8. Dateraider says:

    While these actions will no doubt be subjects of litigation, suffice it to say that I had every expectation of privacy in these spaces, which stored vestiges of closed chapters of my life.

    – Kweku

  9. The Grand Marquis says:

    1. bury 9 figure mismarks = aggressive

    2. bury 10 figure mismarks was never discussed!

    Yassine B.

  10. E. Cartman says:

    To our shareholders: that's we changed the mantra. Because we're always thinking of you.

    – UBS

  11. 1285 Ave of A says:

    How did Carsten miss the grim reaper? Everyone else was shot.
    It's probably just a matter of time before the new Merrill guys replace him too.

  12. crork says:

    vgO3p4 Really enjoyed this article post.Much thanks again. Keep writing.