SINGAPORE/HONG KONG (Reuters) – UBS has instructed its senior managers to prioritize concerns raised by its rich clients from China, after a bank economist’s “Chinese pig” comment in connection with food price inflation in the country kicked up a row, sources said.
The reference to pigs was made in an inflation analysis podcast by UBS global chief economist Paul Donovan, who has since been put on a leave of absence by the bank as it reviews the matter. The podcast too has been taken down.
Banking - Giant - Client - Advisers - Customers
The Swiss private banking giant has asked its senior client advisers to call or even meet customers from China, a key market for UBS, to explain its position on the remark and actions taken so far, the people told Reuters.
“That’s the priority for all the senior RMs (relationship managers) and managers in Hong Kong and Singapore now, just to make sure the clients don’t get swayed by the reactions mostly in the social media,” one of the people said.
Clients - Actions - Bank - Bank
“Most of the clients understand and appreciate the actions the bank has taken and they are not going to drop the bank over this, but they do ask questions.”
These efforts come after some industry participants rejected UBS’ apology last week for Donovan’s remarks, criticizing it for a lack of cultural awareness and calling for a boycott.
Donovan - Podcast - Consumer - Prices - China
Donovan had said in the podcast that consumer prices in China had risen mainly due to sickness among pigs. “Does this matter? It matters if you...
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