Adoboli trial: ‘risk-seeking’ culture at London UBS
UBS is “less risk-averse” in London than in the US, says Adoboli's former manager
Kweku Adoboli's former manager told a court there was a culture in London that was "risk-seeking" and "less risk-averse" than in the US.
John DiBacco, who was based in New York, managed the UBS exchange-traded fund (ETF) desk from April 2011. He said more proprietary risk was taken in London compared with the US and was "surprised" at the size of some of the positions across the dealing room.
When DiBacco took on his new role, a senior manager is reported to have told him "you have to be careful
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