UBS is reportedly setting nearly two dozen restrictions for newly joining Credit Suisse bankers, including bans on clients from high risk countries and complex financial products.
UBS executives have drawn up 23 «red lines» that prohibit newly joining Credit Suisse bankers from a range of activities following the integration of the two Swiss lenders, according to a «Financial Times» report citing unnamed sources.
The restrictions cover 11 financial risks and 12 non-financial risks.
High Risk Countries
One of the prohibited activities includes taking on clients from high risk countries.
Such nations include Afghanistan, Albania, Belarus, Burkina Faso, Democratic Republic of Congo, El Salvador, Eritrea, Ethiopia, Guinea, Haiti, Iraq, Kosovo, Kyrgyzstan, Libya, Moldova, Myanmar, Nicaragua, Palestine, Russia, South Sudan, Sri Lanka, Sudan, Tajikistan, Turkmenistan, Uzbekistan, Venezuela, Yemen and Zimbabwe.
Ukrainian politicians and state-owned enterprises will also be restricted to prevent potential money laundering.
Products, Lending
The launch of new products without approval and trading in complex products, including Korean derivatives and options of certain quantitative indices, is also prohibited.
On financing, Credit Suisse employees must seek permission from UBS executives to extend loans backed by assets such as yachts, ships and real estate worth more than $60 million.
Business restrictions aside, many of the risks covered by the restrictions are operational in nature, concerning issues such as the distribution of research and use of offices.
https://news.google.com/rss/articles/CBMiYmh0dHBzOi8vd3d3LmZpbmV3cy5jb20vbmV3cy9lbmdsaXNoLW5ld3MvNTc3NDYtdWJzLW91dGxpbmVzLXJlc3RyaWN0aW9ucy1mb3ItY3JlZGl0LXN1aXNzZS1iYW5rZXJz0gEA?oc=5
2023-06-12 04:08:54Z
2134280216
Tidak ada komentar:
Posting Komentar