UBS released a high-ranking investment banker in the U.S. for allegedly signing off on an unauthorized deal with the oil and gas industry.
UBS fired James Boland, a specialist in leveraged finance and employed in the rank of managing director, according to «The Wall Street Journal» (behind paywall).
Boland was released because he allegedly failed to tell compliance that the team had reclassified a bond as a loan, the newspaper said. The investment banker denied the allegation and will fight the dismissal.
The deal involved $250 million, money used by investment firm Ares Management to buy a company in the oil and gas industry. Loans carry stricter rules on risk but also require less transparency.
