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]

17 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (17)

  1. Posted by Guest | September 20, 2012 at 2:15 PM

    Greater Revenue =/= Greater Profit

    -Cost of Sales Genie

  2. Posted by .Bo | September 20, 2012 at 3:07 PM

    Who needs profit?

    -Instagram

  3. Posted by LEH | September 20, 2012 at 3:09 PM

    Greater VaR == Greater Profit

  4. Posted by Guest | September 20, 2012 at 3:14 PM

    Who needs revenue?

    -Instagram

    –There, fixed it for you

  5. Posted by Danker_Banker | September 20, 2012 at 3:16 PM

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

    –Russell Wasendorf Sr.

  6. Posted by Guest | September 20, 2012 at 3:17 PM

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

  7. Posted by Glad I. Left | September 20, 2012 at 3:28 PM

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

  8. Posted by Kweku Ballout | September 20, 2012 at 3:33 PM

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

  9. Posted by Pedantic Guy | September 20, 2012 at 3:34 PM

    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.

  10. Posted by F9_Calculate | September 20, 2012 at 3:38 PM

    You're talking about value drivers? I didn't consider either…$1.0bn just felt right

    -Zuckerberg IBD

  11. Posted by Dateraider | September 20, 2012 at 3:52 PM

    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

  12. Posted by The Grand Marquis | September 20, 2012 at 6:28 PM

    1. bury 9 figure mismarks = aggressive

    2. bury 10 figure mismarks was never discussed!

    Yassine B.

  13. Posted by E. Cartman | September 20, 2012 at 6:29 PM

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

    – UBS

  14. Posted by 1285 Ave of A | September 21, 2012 at 11:24 AM

    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.

  15. Posted by crork | September 24, 2012 at 8:37 PM

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

  16. Posted by icons downloads | October 4, 2012 at 10:46 PM
  17. Posted by Great free cams porn | October 16, 2012 at 4:01 AM

    Best free cams porn