The bank has apologized for comments made by its global chief economist after it drew criticism on social media and a state-run newspaper.
Swiss bank UBS has issued a formal apology for comments made by the firm's chief global economist Paul Donovan in the «UBS Morning Audio Comment», which discussed inflation and the rise in consumer prices in China, driven by the rise in pork prices.
«Does this matter? It matters if you are a Chinese pig. It matters if you like eating pork in China,» Donovan said. The bank said the remark was «innocently intended,» adding «We apologize unreservedly for any misunderstanding caused by these innocently intended comments,» Bloomberg reported (behind paywall).
State-run newspaper «Global Times» called the comments «distasteful» and «racist». Messages circulated on WeChat calling on everyone in the Hong Kong financial industry to lodge formal complaints with UBS.
Public Outcry
«It’s appalling such low-quality research with cheap puns could have passed compliance. And UBS wants to make money in China?» Bank of Communications economist Hao Hong said on Twitter.
«Some saying it’s an unfortunate misunderstanding. But it’s hard to believe that many smart people in the Chinese finance community collectively misunderstood this comment,» he added.
The snafu comes as UBS makes a big bet on China's wealthy as the country slowly opens its markets to foreign banks. The Swiss bank is among the most aggressive movers, despite some speedbumps.
