Ronald Greenidge, the former UBS Managing Director fired for gross misconduct in his supervision of convicted trader Kweku Adoboli, has sued the bank claiming it treated him more harshly than others because he’s black.
Greenidge, who was UBS’s head of European cash trading, alleges race discrimination and unfair dismissal in a lawsuit filed in June at a London employment tribunal, according to documents obtained by Bloomberg News.
'There are stark discrepancies' between UBS’s treatment of Greenidge and other people connected to Adoboli, according to the complaint. Greenidge 'is of black Caribbean origin. Mr. Adoboli is of black African origin. The claimant believes he has been treated less favorably than his' white counterparts.
UBS denied the allegations and said in tribunal papers that Greenidge 'did not take his supervisory responsibilities as seriously as he should have'.
Adoboli, originally from Ghana, was sentenced to seven years in prison on November 20th for fraud tied to a $2.3bn loss, the largest from unauthorized trading in U.K. history. The bank was later fined $47.6m by a U.K. regulator for weaknesses in management systems and internal controls that allowed Adoboli to make risky trades.
Bloomberg reports that at least 11 employees left Zurich-based UBS, either through firings or resignations, after Adoboli revealed the massive losses in an e-mail on September 14th, 2011. They included former Chief Executive Officer Oswald Gruebel and Adoboli’s co-workers on the exchange-traded funds desk - John Hughes, Simon Taylor and Christophe Bertrand.
The lawsuit is one of several against the bank for unfair dismissal because of the loss, at least one of which has settled. UBS spokesman Oliver Gadney declined to comment.
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