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]
Kweku Adoboli Is A Free Man!
Kind of! Though he doesn't go to trial until September, the UBS's rogue trader was granted bail after ten months in jail and a February denial to go home. Naturally, he's pretty pleased about the turn of events (which allow for sleepovers). Mr. Adoboli, 32, has to stick to a curfew but can stay at a friend’s house wearing an electronic tag as part of the bail agreement. Tim Harris, Mr. Adoboli’s lawyer at Bark & Company, said his client was “delighted” and would like to thank family and friends for their support in achieving his release. Mr. Adoboli is expected to be released from London’s Wandsworth prison as early as Monday, Mr. Harris said. Mr. Adoboli had pleaded not guilty to counts of false accounting and fraud. He was arrested in September after UBS alerted the police. The bank claimed that Mr. Adoboli had masked the billion dollar losses from internal controls with fictitious trades. Mr. Adoboli has remained in custody ever since his arrest. The trading scandal rocked the Swiss bank and led to the resignation of its chief executive, Oswald J. Grübel. Denying Mr. Adoboli bail in February, the judge said that the allegations against the former trader were “serious” and “backed up with cogent evidence.” Former UBS Trader Is Granted Bail [Dealbook]