UBS Overlooked Limits When Trade Made Money, Lawyer Says

UBS Fractured

Kweku Adoboli’s lawyers said UBS had a culture that overlooked trading limits and other rules 'as long as you were making money'.

Bloomberg reports that Adoboli's lawyer, Charles Sherrard, said the bank became 'more aggressive in terms of its desire to make profits' in 2011, during cross examination of one of Adoboli’s former bosses at a fraud trial in London Thursday.

'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.

Adoboli, 32, is on trial on charges of fraud and false accounting over unauthorized trades that lost $2.3bn. Adoboli admitted he risked $5bn on Standard & Poor’s 500 futures and a further $3.75bn in the German futures market, Greenidge said in testimony yesterday.

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.

Hit the link below to access the complete Bloomberg article:

UBS Overlooked Limits When Trade Made Money, Lawyer Says

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