UBS Overlooked Limits When Trades Made Money, Lawyer Says
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A lawyer for Kweku Adoboli, the former UBS AG trader on trial for unauthorized trading, said the bank had a culture that overlooked trading limits and other rules as long as employees made money.
Charles Sherrard, a lawyer for Adoboli, said UBS became “more aggressive in terms of its desire to make profits” in 2011, while cross-examining one of Adoboli’s former bosses at a trial in London yesterday. Sherrard cited e-mails from Adoboli telling managers about positions he had that exceeded trading limits.