Last month, we noted that a group of UBS employees who “worked in operations and were responsible for securities movements and payments” had been escorted out of the building and told not to come back “pending an internal review into their conduct.” Now we’ve been informed they were recently told not to come back, period. If you're a current employee or about to join the firm and are unclear on the rules, know this: it turns out UBS does in fact frown upon skimming some off the top for yourselves.
"The employees were transferring securities that UBS held to personal accounts and then just selling them in their personal account. Not sure how the bank didn't know, but apparently it went on for a few years.
We were told last week that the employees in question were asked to resign and given severance packages. UBS declined to comment, other than to confirm that the people are "no longer with the bank."