UBS puts two on leave over hiring of daughter of potential China client
HONG KONG (REUTERS) - Swiss bank UBS AG has put two bankers on leave as part of an internal investigation into the hiring of a close relative connected to a potential Chinese corporate client, IFR reported on Monday.
The move comes after US federal officials launched a separate probe into employment practices at JPMorgan Chase & Co, reviewing the circumstances behind the US bank's hiring of well connected Chinese bankers. That investigation has prompted investment banks across Greater China to look into the roles of certain Chinese bankers.
Mr Joseph Chee, head of capital market solutions at UBS, and colleague Sharlyn Wu, were put on leave last week, IFR reported, citing unnamed sources. IFR, a Thomson Reuters publication, did not identify Ms Wu's current title.
The effective suspension of the two bankers comes after an internal probe into the hiring of Ms Joyce Wei, the daughter of the chairman of Chinese industrial company, Tianhe Chemicals.