From BI: A City trader accused of losing UBS £1.4bn through reckless
and illicit deals has told a court he was actively encouraged by superiors to
"push the boundaries" so as to maximise profits.
Kweku Adoboli, 32, told Southwark crown court on Tuesday
that traders at all investment banks viewed compliance policies as
"aspirational" rather than fixed and knew they had to bend rules if
they were to achieve the goals set out for them by managers.
The court was told that Yassine Bouhara, former co-head of
equities at UBS, wrote to Adoboli in an email: "You don't know what your
limits are until you push the boundary so far that you receive a slap on the
back of the wrist." Quizzed on this
by the defence barrister, Paul Garlick QC, Adoboli said: "There were no
secrets, there was no hiding, there was no holding back. We were told to go for
it, we went for it. We were told to push the boundaries, so we pushed the
boundaries…
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