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28

How a Banker’s Message to a Client Spelled Trouble for UBS

By Tony Seruga

Breach of client confidentiality in Hong Kong sparked internal probe and a senior employee’s suspension

A UBS Group AG banker working on a large Hong Kong initial public offering last year disclosed the identity of an investor that sold shares shortly after the listing, a breach of client confidentiality that triggered an internal investigation and the suspension of a senior employee, according to people familiar with the matter.

An individual at the bank sent a message to ZhongAn Online P & C Insurance Co., a company whose backers include the founders of Chinese internet giants Alibaba Group Holding Ltd. and Tencent Holdings…

How a Banker’s Message to a Client Spelled Trouble for UBS

Categories : Finance

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