Jefferies Hires Rogue Trader Adoboli’s Former Boss Greenidge

  • Ron Greenidge left UBS in 2011 in wake of Adoboli scandal
  • Greenidge is latest ex-UBS executive to join Jefferies

Ronald Greenidge, the former UBS Group AG managing director fired for gross misconduct in his supervision of convicted trader Kweku Adoboli, has joined Jefferies Group LLC.

Greenidge, 47, began work at Jefferies’ London operations earlier this month, according to records with the Financial Conduct Authority. He was among at least 11 employees that left the Zurich-based lender after the losses were revealed in 2011, either through firings or resignations. Richard Khaleel, a spokesman for Jefferies, had no immediate comment.

Greenidge is the latest former UBS executive to join Jefferies. He was most recently employed by London-based Olivetree Financial Ltd. The U.S. brokerage, which is owned by Leucadia National Corp., last year hired Ed Keen, who ran cash trading and execution for UBS. Senior equities executives Peter Forlenza and Martin Coughlan also joined from the Swiss lender.

Jefferies International Ltd., the firm’s London-based subsidiary, employed about 800 people in the year through November 2015, according to company filings. Profit at the unit tumbled 37 percent to 26.3 million pounds ($38 million) for the period, a “reasonably good” performance amid “adverse market conditions,” the filings show.

Adoboli was sentenced to seven years in prison in 2012. The rogue trader was accused of hiding the risk of his trades by booking fake hedges and storing profits in a secret account to cover the costs of running the bank’s exchange-traded-funds desk.

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