Adoboli’s Loss Led to 11 UBS Bankers’ Departures. Where Are They Now?

(Bloomberg) -- Kweku Adoboli, a former UBS Group AG trader jailed in 2012 for causing a $2.3 billion loss to the bank, has been detained by British authorities in preparation for deportation to his native Ghana. The 38-year-old’s crimes continue to impact his former colleagues in London. Here’s a look at where they are now.

Oswald Gruebel

Adoboli’s Loss Led to 11 UBS Bankers’ Departures. Where Are They Now?

Position at UBS:Chief executive officer
What happened: Resigned in Sept. 2011 and replaced by Sergio Ermotti. In parting memo to staff, wrote that Adoboli’s losses “shocked me.” UBS board didn’t want him to resign, he did so to “save the reputation of UBS,” he said in an e-mail.
Where is he now? Held brief role as adviser to Mead Park Management LLC, finance firm founded by ex-Credit Suisse Group AG traders. Now he invests his own money, he said.

Carsten Kengeter

Adoboli’s Loss Led to 11 UBS Bankers’ Departures. Where Are They Now?

Position at UBS: Head of investment-bank division
What happened: Resigned from UBS’s executive board and took a new role in Oct. 2012 as bank began a retrenchment from trading triggered by Adoboli’s losses. Left five months later.
Where is he now? Became CEO of Deutsche Boerse AG in 2015. Endured a short, chaotic reign, including a failed bid to create Europe’s dominant markets operator through a merger with London Stock Exchange Group Plc and an insider-trading probe linked to his purchase of Deutsche Boerse shares. Resigned in October last year under shareholder pressure.

Yassine Bouhara and Francois Gouws

Position at UBS: Co-heads of global equities
What happened: Both resigned in Oct. 2011. Departures “come as they assume overall responsibility for the effective management of the equities business,” UBS said at the time.
Where are they now? Bouhara founded Tell Group SA in 2014 to help investors buy assets in markets from Algeria to Iran. Gouws is CEO of PSG Konsult Ltd., a publicly-traded finance firm based in Bellville, South Africa.

John DiBacco

Position at UBS: New York-based manager of bank’s ETF desk
What happened: Fired in Jan. 2012 after refusing to resign, according to his testimony at Adoboli’s trial. He was “surprised” at the large positions traders in London were taking, he said, and sought to lower risk.
Where is he now? Hired in 2013 as global head of equities by high-frequency trading firm Getco LLC, which is now part of Virtu Financial Inc.

Ronald Greenidge

Position at UBS: Head of European cash trading, oversaw ETF desk until April 2011.
What happened: Fired for gross misconduct. Sued in 2012, claiming UBS treated him more harshly than others because he’s black. He didn’t respond to queries on the outcome of the lawsuit.
Where is he now? Hired by Jefferies Group LLC in London in 2016.

John Hughes

Position at UBS: Senior trader on ETF desk
What happened: Fired in Jan. 2012 amid allegations that knew about but didn’t report internal fund, dubbed an “umbrella,” that was key to Adoboli’s fraud, according to court proceedings. U.K. Financial Conduct Authority banned him from working in the industry two years later. His failure to act “contributed to Adoboli’s unauthorized trading continuing unchecked,” FCA said.
Where is he now? Set up a gambling venture called Bets of Mates Ltd. Resigned in December 2013.

Simon Taylor and Christophe Bertrand

Positions at UBS: Traders on ETF desk. Adoboli claimed they and Hughes were aware of his trading and helped him maintain it. He also claimed the group of four had a 2011 meeting in a nearby bar, where they urged him to take the blame alone. They denied attending such a meeting.
What happened: Both left the bank in 2011.
Where are they now? Taylor hasn’t been registered with FCA since 2011, documents show. Bertrand is a manager in Paris with management-consulting firm AT Kearney, according to his LinkedIn page.

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