Browse content similar to 01/08/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson | :00:07. | :00:08. | |
A culture of profit no matter what still exists in our banks | :00:09. | :00:13. | |
according to Britain's biggest ever rogue trader. | :00:14. | :00:16. | |
In his very first broadcast interview Kweku Adoboli | :00:17. | :00:18. | |
Live from London, that's our top story on Monday 1st August. | :00:19. | :00:39. | |
The rogue trader who was described as being just a gamble or two away | :00:40. | :00:44. | |
from destroying UBS and lost $2.2 billion has told the BBC | :00:45. | :00:47. | |
the crimes he committed could absolutely happen again. | :00:48. | :00:52. | |
Also in the programme: If you can't beat them, join forces. | :00:53. | :00:58. | |
Online taxi giant Uber is to merge with local Chinese rival Didi | :00:59. | :01:03. | |
And ahead of a raft of European manufacturing data and a big week | :01:04. | :01:10. | |
for UK interest rates, here's how markets are looking. | :01:11. | :01:14. | |
And we'll be getting the inside track on the business | :01:15. | :01:16. | |
It's an industry that's taken off across the globe and is soon | :01:17. | :01:23. | |
expected to reach the $1 trillion mark in global sales. | :01:24. | :01:31. | |
And as beach resorts and holiday hotspots say they're having | :01:32. | :01:35. | |
to install better wifi and faster connections to keep customers happy, | :01:36. | :01:40. | |
we want to know is wifi now a basic necessity rather | :01:41. | :01:43. | |
Let us know using the hashtag BBCBizLive. | :01:44. | :01:58. | |
Kweku Adoboli, the former UBS trader convicted of fraud, | :01:59. | :02:03. | |
has told the BBC that bank culture of profit no matter | :02:04. | :02:06. | |
He's been speaking to the BBC in an exclusive first | :02:07. | :02:09. | |
The 36-year-old's unauthorised trading lost the Swiss bank | :02:10. | :02:17. | |
$2.2 billion and in 2012 he was sentenced to seven years | :02:18. | :02:20. | |
Mr Adoboli became a junior trader at just 25 and by the age of 27 | :02:21. | :02:33. | |
he was part of a team responsible for $50 billion in assets. | :02:34. | :02:38. | |
He claimed in court he had lost control of his trades | :02:39. | :02:40. | |
but the prosecution said his actions amounted to fraud, pure and simple. | :02:41. | :02:45. | |
His actions cost fellow traders their jobs, | :02:46. | :02:49. | |
prompted the resignation of the Chief Executive and wiped | :02:50. | :02:53. | |
$4.5billion from the share price of UBS. | :02:54. | :02:57. | |
It was the largest trading loss in British banking history | :02:58. | :03:00. | |
and the prosecution said that he was only a gamble or two | :03:01. | :03:03. | |
away from destroying Switzerland's largest bank. | :03:04. | :03:08. | |
Mr Adoboli is a Ghanaian national and because he was sentenced | :03:09. | :03:11. | |
to more than four years in prison he is automatically | :03:12. | :03:13. | |
Last month, he lost his appeal against being deported from the UK | :03:14. | :03:19. | |
Speaking to our economics editor in his first ever TV interview, | :03:20. | :03:24. | |
he was asked if he should apologise for what happened. | :03:25. | :03:32. | |
I have apologised and I will continue apologising. I am | :03:33. | :03:39. | |
devastated, not for myself, but for my institution and the people I | :03:40. | :03:43. | |
worked with. The very first thing I did when I was first arrested was to | :03:44. | :03:49. | |
say I was sorry beyond words. I said it through my lawyers but that is | :03:50. | :03:54. | |
what I said. During my trial I said I was sorry repeatedly. These are | :03:55. | :03:58. | |
not just devices. It is how I feel. I failed. I made mistakes. Do you | :03:59. | :04:04. | |
think that the culture that you found yourself in has changed now? | :04:05. | :04:12. | |
And it couldn't happen again? Unfortunately I have to say that the | :04:13. | :04:19. | |
conversations I have had with people in the industry over the last year, | :04:20. | :04:23. | |
through the conferences I have spoken at, the seminars I have been | :04:24. | :04:31. | |
involved in, everyone, the young traders, the senior executives, | :04:32. | :04:33. | |
everyone in the industry is still looking for a way to change culture | :04:34. | :04:41. | |
within the industry. We still have so much work to do to get the | :04:42. | :04:46. | |
finance industry in a position where it is trusted by society, that it is | :04:47. | :04:51. | |
contributing something consistently that helps society move forward in a | :04:52. | :04:58. | |
positive way. As behaviour changed in banking enough? No, absolutely | :04:59. | :05:04. | |
not. The young people I have spoken to, former colleagues I have spoken | :05:05. | :05:07. | |
to, they are still struggling with the same issues, then conflicts, the | :05:08. | :05:12. | |
same pressures to achieve no matter what. And we know where conflict | :05:13. | :05:18. | |
goes. Where conflict comes is where people fall into this grey zone. I | :05:19. | :05:22. | |
think it can absolutely happen again, especially as we go into what | :05:23. | :05:26. | |
could possibly be the next phase of the great financial crisis over the | :05:27. | :05:33. | |
next 12 to 18 to 24 months. Looking back now, do you think of yourself | :05:34. | :05:38. | |
as a criminal? I don't think I am a criminal. It is a label that I have. | :05:39. | :05:44. | |
I made a terrible mistake. A sequence of terrible choices. But | :05:45. | :05:50. | |
your intentions were always in the right place. I accept that I was | :05:51. | :05:55. | |
found guilty of a crime that had dishonesty central to it. You were | :05:56. | :06:00. | |
called a liar in the trial. I was called a liar and I accept that I | :06:01. | :06:04. | |
lied and I accept that I was dishonest in the way I was doing | :06:05. | :06:09. | |
what I was doing. How did the son of a senior figure in the United | :06:10. | :06:17. | |
Nations, who went to a well renowned Quaker school, end up being | :06:18. | :06:20. | |
photographed in handcuffs being taken to and from court and ending | :06:21. | :06:25. | |
up in prison? It was a shock. What was most difficult for me was | :06:26. | :06:31. | |
thinking about my friends and family and how they were perceiving it. | :06:32. | :06:38. | |
Throughout the entire process, you stop thinking about yourself. Maybe | :06:39. | :06:45. | |
that is just the way I am built. But my concern was never about me. It | :06:46. | :06:50. | |
was never about the pain or the embarrassment or the things that | :06:51. | :06:55. | |
were being said about me. It was the impact that those things had my | :06:56. | :06:59. | |
friends and family. That was the thing was most difficult. We will be | :07:00. | :07:06. | |
getting more on those story and what some of those comments will mean for | :07:07. | :07:09. | |
the wider banking industry because we will be speaking to our economics | :07:10. | :07:13. | |
editor Kamal Ahmed onset later. Stay tuned for that. Now we turn our | :07:14. | :07:16. | |
attention to Asia. That appears to be Uber's strategy | :07:17. | :07:20. | |
when it comes to China. The largest app Didi Chuxing | :07:21. | :07:24. | |
is poised to merge with its rival Uber China as part of | :07:25. | :07:27. | |
a $35 billion deal. Our Asia business correspondent | :07:28. | :07:29. | |
Karishma Vaswani is Great to see you. Didi Chuxing, I | :07:30. | :07:42. | |
just like saying it! Was based on the cards? Uber had some trouble in | :07:43. | :07:49. | |
China. Yes, it has had a fair amount of trouble. Reports out this morning | :07:50. | :07:54. | |
say it will merge its operation with local writhing Didi Chuxing. | :07:55. | :07:57. | |
According to these reports, the deal will give Uber a 20% stake in the | :07:58. | :08:04. | |
combined firm. That deal could be worth up to $35 billion. They have | :08:05. | :08:08. | |
both spent bucketloads of cash on incentives for drivers and subsidies | :08:09. | :08:12. | |
for users, as well as promotions, and they have cut prices in a bid to | :08:13. | :08:18. | |
win market share in China. But Uber has had a lot of trouble. It is | :08:19. | :08:23. | |
losing close to $1 billion a year in a war that one industry described to | :08:24. | :08:31. | |
me as a major blood-letting in distant... Incident. It is no | :08:32. | :08:34. | |
surprise that Uber was calling it quits. Didi Chuxing, they controlled | :08:35. | :08:43. | |
most of the market in China. Uber was being compromised by the amount | :08:44. | :08:47. | |
of money being spent on the China dream. The details of the deal have | :08:48. | :08:53. | |
not been released yet, so watch this space. Thank you. | :08:54. | :08:59. | |
In other news: The chairman of advertising agency | :09:00. | :09:01. | |
Saatchi And Saatchi has been suspended for saying he didn't view | :09:02. | :09:04. | |
the lack of women in leadership roles as a problem in the industry. | :09:05. | :09:08. | |
The head of Saatchi's parent company, Publicis, | :09:09. | :09:12. | |
said it wouldn't tolerate anyone who didn't value inclusion. | :09:13. | :09:15. | |
The group said its board is yet to decide whether to take further | :09:16. | :09:18. | |
Australian newspaper group Fairfax Media has said it'll post | :09:19. | :09:24. | |
write-downs worth nearly $760 million for the | :09:25. | :09:26. | |
In recent years, the global publishing industry has suffered | :09:27. | :09:30. | |
as a result of falling advertising revenue. | :09:31. | :09:32. | |
Since 2009, the company has marked down its assets | :09:33. | :09:35. | |
by around $4.2 billion, that's more than double | :09:36. | :09:37. | |
There have been further demonstrations in Brazil calling | :09:38. | :09:46. | |
for the permanent removal of suspended president | :09:47. | :09:48. | |
The protests took place in 11 states, including Rio and Sao Paolo, | :09:49. | :09:52. | |
and thousands of people are thought to have taken part. | :09:53. | :09:56. | |
The latest protests come at a particularly sensitive time | :09:57. | :09:58. | |
for Brazil, with the Rio Olympics only five days away. | :09:59. | :10:06. | |
The Nikkei in Japan erasing earlier losses and closed up slightly | :10:07. | :10:12. | |
as that recent surge in the yen starts to slow. | :10:13. | :10:15. | |
The latest Japanese manufacturing PMIs showed more contraction | :10:16. | :10:25. | |
In China, they showed little sign of improvement either. | :10:26. | :10:34. | |
In Europe we'll get the latest manufacturing PMI data for July, | :10:35. | :10:37. | |
and keep a close eye on the UK number after the disappointing | :10:38. | :10:40. | |
What did the Brexit uncertainty mean for the numbers? | :10:41. | :10:44. | |
There's also the reading for Spain, Italy, France and Germany. | :10:45. | :10:48. | |
But most of the attention this week will be on the Bank of England. | :10:49. | :10:53. | |
Its rate meeting and quarterly inflation report is due on Thursday. | :10:54. | :10:55. | |
Michelle has the details in New York. | :10:56. | :11:02. | |
The pace of corporate earnings report is slowing. Two names to | :11:03. | :11:09. | |
watch out for this week are Tesla and LinkedIn, which both turn in | :11:10. | :11:13. | |
their accounts. It will be a busy week for Wall Street with an action | :11:14. | :11:17. | |
packed economic calendar. The big one is this Friday's monthly US jobs | :11:18. | :11:22. | |
report. After disappointing growth figures last week, any signs of | :11:23. | :11:27. | |
weakness in the labour market will be expectations of a rate rise in | :11:28. | :11:32. | |
the near future. Payrolls for July are forecast to rise by 180,000, | :11:33. | :11:38. | |
down from 287,000 the previous month. The week kicks off with data | :11:39. | :11:44. | |
on the manufacturing sector. The institute for supply management | :11:45. | :11:48. | |
issues its index later this Monday. US factory activity in July is | :11:49. | :11:53. | |
projected to continue to expand, suggesting that manufacturers are | :11:54. | :11:55. | |
pulling out of a prolonged slump. Joining us now is James Bevan, | :11:56. | :11:58. | |
chief investment officer at CCLA Great to have you in the studio. | :11:59. | :12:07. | |
Shall we start with the disappointing news from the world's | :12:08. | :12:12. | |
biggest economy on Friday. GDP growth numbers are less than half of | :12:13. | :12:16. | |
what they were a year ago at an annualised rate. The Asian markets | :12:17. | :12:20. | |
are hitting a one year high because in Asia they are saying, well, the | :12:21. | :12:24. | |
US will not raise interest rates now. The US has had a mixed bag of | :12:25. | :12:29. | |
economic data and that is what you would expect in a world where we are | :12:30. | :12:33. | |
experiencing quite flat growth trends and pretty much no | :12:34. | :12:39. | |
information. This is the sort of environment where central banks will | :12:40. | :12:42. | |
have a wait attitude for any further tightening. OK, this story has just | :12:43. | :12:49. | |
dropped. GlaxoSmithKline and Alphabet, which was part of Google, | :12:50. | :12:52. | |
certainly the new name for it, coming up with a new medical | :12:53. | :12:56. | |
division. This will be bioelectronics. What more do we | :12:57. | :13:01. | |
know? We know a lot. We know they are going to invest 470 million over | :13:02. | :13:06. | |
five years. Several companies are significantly committed to this | :13:07. | :13:11. | |
area. GlaxoSmithKline ran an article in Nature a few years ago to say | :13:12. | :13:15. | |
that the use of electronics in the treatment of medical conditions was | :13:16. | :13:18. | |
important. They believe they can steal a march on their competitors | :13:19. | :13:22. | |
and it will be a really exciting issue if you suffer from any of | :13:23. | :13:27. | |
these challenges including type two diabetes. Big money in that sector | :13:28. | :13:34. | |
as well, right? And vast changes for people's lifestyles. Really | :13:35. | :13:40. | |
important, absolutely. Great to see you. Thank you. | :13:41. | :13:42. | |
Still to come: We'll be speaking to a man whose business | :13:43. | :13:45. | |
it is to help us snack our way through the day | :13:46. | :13:47. | |
without harming our waistlines too much. | :13:48. | :13:49. | |
You're with Business Live from BBC News. | :13:50. | :13:58. | |
That is particularly relevant for us because we went to the gym | :13:59. | :14:05. | |
separately at the weekend and now we can't walk! But nonetheless! | :14:06. | :14:09. | |
Shares in Britain's biggest banks are up this morning as investors | :14:10. | :14:12. | |
breathe a sigh of relief after the results of this year's | :14:13. | :14:14. | |
The results for 51 lenders were published on Friday evening | :14:15. | :14:18. | |
But whilst most were good, Investors are fretting | :14:19. | :14:29. | |
about Italy's Banca Monte dei Paschi as well as the German giant Deutsche | :14:30. | :14:32. | |
So what are the stress tests looking for? | :14:33. | :14:39. | |
Lorenzo Codogno is former chief economist to the Italian | :14:40. | :14:41. | |
Treasury, he explained to us a little earlier. | :14:42. | :14:47. | |
Like a crash test you make very extreme assumptions on the economic | :14:48. | :14:52. | |
environment and you look at what happens to the balance sheet of the | :14:53. | :14:56. | |
banks and whether there is any capital left at the end. This is in | :14:57. | :15:01. | |
a nutshell. So if they have any money left after this scenario, this | :15:02. | :15:07. | |
crisis? OK. Some British banks did not do very well, in particular RBS. | :15:08. | :15:14. | |
But it does seem to be focused on your country's banks, Italian banks. | :15:15. | :15:16. | |
How much of a mess are they in? Before the tests there were big | :15:17. | :15:42. | |
concerns about the Italian banking sector and some concerns about the | :15:43. | :15:44. | |
Italian banking sector, and also concerns about systemic risk in the | :15:45. | :15:47. | |
system. The good news after the test, despite these concerns, the | :15:48. | :15:48. | |
overall picture that emerges from the tests is reassuring. | :15:49. | :15:55. | |
Thousands of pots of yoghurt have been removed from supermarket | :15:56. | :15:57. | |
shelves because of concerns they may contain pieces of rubber. | :15:58. | :16:00. | |
The Yeo Valley Company, which supplies Asda, | :16:01. | :16:01. | |
The Co-op, Sainsburys, Tesco and Waitrose, says | :16:02. | :16:03. | |
the yoghurts including some supermarket own brands | :16:04. | :16:05. | |
Two London branches of burger chain Byron have been forced to close over | :16:06. | :16:13. | |
the weekend after protesters released hundreds of live insects | :16:14. | :16:15. | |
It's thought to be part of a growing backlash against the chain | :16:16. | :16:19. | |
for its involvement in an immigration crackdown | :16:20. | :16:21. | |
Full details are on Business Live page. | :16:22. | :16:31. | |
Our top story: In his first broadcast interview, | :16:32. | :16:38. | |
Kweku Adoboli has told the BBC that the culture of profit no | :16:39. | :16:41. | |
matter what in banking has not changed and apologises after being | :16:42. | :16:45. | |
found guilty of being Britain's biggest rogue trader. | :16:46. | :16:49. | |
The London trader who lost the Swiss bank UBS ?1.5 billion has apologised | :16:50. | :16:52. | |
for what he did and said that banking has not done enough | :16:53. | :16:55. | |
A quick look at how markets are faring. | :16:56. | :17:05. | |
Manufacturing data is due in about 45 minutes from now. European | :17:06. | :17:10. | |
markets ticking up a little higher. A pound buying you a dollar 32. | :17:11. | :17:17. | |
Now, how health conscious are you when it comes to what you eat? | :17:18. | :17:20. | |
There's been a big boom in the healthy eating industry. | :17:21. | :17:22. | |
But what about those mid-afternoon cravings, | :17:23. | :17:24. | |
It's all too easy to reach for a bag of crisps or a chocolate bar. | :17:25. | :17:31. | |
But, and good news for our waistlines, there are a growing | :17:32. | :17:33. | |
number of businesses offering an alternative. | :17:34. | :17:40. | |
The healthy foods market will push through the $1 trillion mark | :17:41. | :17:43. | |
for the first time in 2017 as consumers become more interested | :17:44. | :17:45. | |
for the first time in 2017 as consumers become more interested | :17:46. | :18:01. | |
Last year, nearly 40% of all new snacks launched | :18:02. | :18:05. | |
around the world were some form of healthy eating. | :18:06. | :18:07. | |
In the US, this was even higher at 70% and it's | :18:08. | :18:10. | |
One of the companies trying to satisfy demand | :18:11. | :18:13. | |
It was founded in 2008 and has sold more than 12 million snacks. | :18:14. | :18:17. | |
Anthony Fletcher is the Chief Executive of Graze | :18:18. | :18:19. | |
I was reaching under the table for some of the Graze products. Welcome | :18:20. | :18:28. | |
to the programme. One trillion, that's an astonishing market when | :18:29. | :18:31. | |
you think about it. When it hits one trillion. A hugely competitive | :18:32. | :18:35. | |
market. How have you managed to crack it? Well, Graze has taken an | :18:36. | :18:43. | |
unusual approach to the market. It started off as an online brand, but | :18:44. | :18:48. | |
it made the decision to go from clicks to bricks and it had a lot of | :18:49. | :18:52. | |
success. Talking of that technology. With an internet firm, you can | :18:53. | :18:56. | |
gather loads of information about your customers based on habits and | :18:57. | :18:59. | |
then you can start offering them similar stuff and getting them to | :19:00. | :19:05. | |
buy more. How does that work? Well, we have an agile factory which let's | :19:06. | :19:10. | |
us launch a new product in 48 hours. Every hour we get 15,000 ratings | :19:11. | :19:18. | |
back from our grazers. We can bring the best products to market. It is | :19:19. | :19:22. | |
the stuff that doesn't sell that you stop selling and the stuff that | :19:23. | :19:25. | |
you're selling, you do more of? That's part of innovation. Some | :19:26. | :19:29. | |
things you make once and we sent them out to our grazers and if they | :19:30. | :19:32. | |
don't like it, we never make it again. Does it vary what people like | :19:33. | :19:38. | |
or don't like or choose from your online customers. This is the online | :19:39. | :19:43. | |
stuff. If you order online, you get a box with a selection of snacks. | :19:44. | :19:46. | |
This is what you sell in the shops. Does it vary? It does vary depending | :19:47. | :19:52. | |
on the part of the country and the person who is eating. Our best | :19:53. | :19:59. | |
seller is veggie protein power. Natural protein coming from nuts and | :20:00. | :20:04. | |
beans. That's selling like hot cake at the moment. Let's talk about the | :20:05. | :20:09. | |
health fad if we can call it that. It stood the test of time. People, | :20:10. | :20:13. | |
you know, eating more healthily now and it is not just a fad. It has | :20:14. | :20:27. | |
changed the way retail look at this. It is less carbs. You have got to | :20:28. | :20:32. | |
adapt to the changing demands? You try lots of different things and you | :20:33. | :20:37. | |
bring out your best seller. In Boots, we are outselling every | :20:38. | :20:40. | |
confectionery brand apart from one. If I went back to 2008 when this | :20:41. | :20:46. | |
company was started I never would have dreamed we could compete with | :20:47. | :20:51. | |
the chocolate and the Chrisps. You look like a fairly young bloke! I'm | :20:52. | :20:55. | |
always curious, younger than you! How do you get into the snack? Were | :20:56. | :20:59. | |
you a snacker yourself? I have always worked in the food industry | :21:00. | :21:02. | |
and I really love it. But I don't think it is shaping up and what I | :21:03. | :21:06. | |
was interested in is how can technology help it? How can it make | :21:07. | :21:10. | |
it more responsive to consumers. This is what I'm really passionate | :21:11. | :21:15. | |
about. Aaron is going to have this one. I'm liking that. Protein after | :21:16. | :21:21. | |
your gym session. It is not a gym session. I did British military | :21:22. | :21:26. | |
fitness in Hyde Park yesterday and it is killing me. It is absolutely | :21:27. | :21:28. | |
killing me! We asked you if wi-fi was a luxury | :21:29. | :21:41. | |
or a necessity. A lot of you getting in touch. Marcus says, "It is a | :21:42. | :21:47. | |
basic need. He wants to be able to watch Business Live online." Matthew | :21:48. | :21:55. | |
says, "A basic need. Anni says a must for most people. I would choose | :21:56. | :22:01. | |
to stay in a hotel elsewhere if they didn't have free wi-fi. Steve says, | :22:02. | :22:05. | |
"Rip off data rates when you are roaming abroad. You need free wi-fi | :22:06. | :22:12. | |
and Gareth says, battery life comes only secondary to battery life | :22:13. | :22:15. | |
because you need wi-fi wherever you go. | :22:16. | :22:26. | |
Here is a reminder how to get in touch with us. The Business Live | :22:27. | :22:34. | |
page is where you can stay ahead with the day's breaking news. . We | :22:35. | :22:40. | |
have insight and analysis from the BBC's team of editors from around | :22:41. | :22:43. | |
the world. We want to hear from you too. Get involved on the BBC | :22:44. | :22:48. | |
Business Live web page: On Twitter we are at BBC business. | :22:49. | :22:55. | |
You can find us on Facebook. Business Live on TV and online | :22:56. | :22:57. | |
whenever you need to know! A rogue trader who was jailed | :22:58. | :23:06. | |
for Britain's biggest banking fraud has said the industry still hasn't | :23:07. | :23:10. | |
done enough to regain Kweku Adoboli who lost ?1.5 billion | :23:11. | :23:12. | |
while working for the Swiss bank, UBS said pressure to make profits | :23:13. | :23:16. | |
meant criminal behaviour Joining us is Kamal Ahmed, | :23:17. | :23:18. | |
the BBC's Economics Editor. You did the interview with Kweku | :23:19. | :23:23. | |
Adoboli. We heard that interview earlier. What did you make of his | :23:24. | :23:27. | |
apology? I think it was genuine. I spent a lot of time with him. We | :23:28. | :23:31. | |
went up to Edinburgh and spent the best part of a day really with him | :23:32. | :23:34. | |
talking to him and obviously we have been in touch with him for a long | :23:35. | :23:38. | |
period before then. I think he has been on a massive journey. It is | :23:39. | :23:45. | |
sometimes easy to forget this is a person in his mid-20s was dealing | :23:46. | :23:49. | |
with a $50 billion trading book. He says he was under pressure to create | :23:50. | :23:55. | |
profits. That led to his behaviour, that led to the criminal trial and | :23:56. | :23:59. | |
his conviction. He certainly talks about the notion of redemption of | :24:00. | :24:02. | |
putting back. He gives this apology. He says it could happen again. He is | :24:03. | :24:07. | |
giving his time to banking compliance conferences and such | :24:08. | :24:10. | |
like. I think there is some genuine remorse there and apology. What was | :24:11. | :24:14. | |
interesting though was that he does see this or his behaviour as | :24:15. | :24:20. | |
something what he describes as we did this and we did that. Whether he | :24:21. | :24:23. | |
has really taken personal responsibility for what happened is | :24:24. | :24:27. | |
still open it debate. I asked him does he see himself as a criminal? | :24:28. | :24:32. | |
He answered no. That's interesting what you said about, he was saying | :24:33. | :24:38. | |
we. Ben and I were speaking and saying about the age, you think 27 | :24:39. | :24:44. | |
is young to be handling tens of billions of dollars, but we will | :24:45. | :24:48. | |
talk about the culture in the City where you find of like, was he | :24:49. | :24:53. | |
winging it thinking I can wing this, but the boys culture or the City | :24:54. | :24:58. | |
culture, you're not going to be the one to go, "I made a mistake." And | :24:59. | :25:03. | |
you keep going until you no longer can wing it. He was rather good at | :25:04. | :25:10. | |
his job when the markets were in a benign state before 2011. I don't | :25:11. | :25:15. | |
know if people remember, we went through 2010 and people thought the | :25:16. | :25:19. | |
financial crisis was behind us and the markets were looking stronger. | :25:20. | :25:22. | |
Kweku Adoboli did well through that period and he thought to himself, | :25:23. | :25:26. | |
"I'm good at this. I can take increasing amounts of risk. I'm not | :25:27. | :25:33. | |
going to reveal that risk to UBS", but America was downgraded and | :25:34. | :25:41. | |
credit rating downgraded, the first rumbles of the euro Chris sis. He | :25:42. | :25:46. | |
hasn't got the hedges in place and that's when he a problem. | :25:47. | :25:50. | |
The interview is on the website. If you want to watch that again, it is | :25:51. | :25:56. | |
on website. That's it from us today. We will see you tomorrow. Bye-bye. | :25:57. | :26:08. |