UBS will review its policy regarding sexual harassment after an alleged rape claim by a trainee at its London-based investment bank.

The bank is reviewing its policy on this type of harassment after one of its female employees in London accused one of her colleagues of rape. The alleged assault occurred in September 2017, shortly before the #metoo movement was formed in the wake of the revelations swirling around Hollywood mogul Harvey Weinstein.

The UBS staffer concerned reported the alleged rape to the police, and has since left the employ of the bank, although she reported the incident to UBS before leaving.

In July she wrote a letter to UBS investment bank head Andrea Orcel, complaining that the bank’s human resources department had failed to inform her of what action was being taken against the perpetrator, who has also since left UBS.

Credit Suisse Example

The young woman also wrote that had had appealed to Orcel after reading of a similar incident involving Credit Suisse, where a woman had written directly to Credit Suisse CEO Tidjane Thiam to register her complaint. «He appeared to listen, and introduced new rules in cases of harassment», the young woman wrote to Orcel.

UBS said «This case has made a deep impression on us. However because of the personal and confidential nature of the case we are unable to discuss it in public.»

UBS, which hadn’t begun any formal disciplinary action before the employee left the bank, told finews.asia it follows a «zero tolerance policy towards sexual misconduct and harassment», and it will conduct a review and tighten procedures if necessary. 

Macho Culture

According to a «Financial Times» report Friday Orcel responded to the complainant’s letter, offering to meet with her in person and assuring her of the bank’s support. 

Two weeks ago, as finews.asia also reported, an incident involving the harassment of a junior employee at Credit Suisse’s New York investment bank by a senior colleague emerged, highlighting the issue of harassment and the macho culture in investment banking and trading circles.

Credit Suisse said while it had no knowledge of the particular case, it took such reports «very seriously, and investigates them carefully. Violations are consistently sanctioned.».