Switzerland's largest bank has lured a seasoned investigator from a British rival. The forensic specialist will monitor bankers at the company, which has been involved in several high-profile scandals in recent years.
UBS hired Neil Young as its head of regional investigations in the U.K., Europe, Middle East and Africa, effective immediately. The British banker for the past three years had been active in a similar role at HSBC, which has been ensnared by probes into foreign currency rigging as well as money-laundering scandals. The move was first reported by «Financial News» (behind paywall).
The Swiss bank has in the past been involved in a series of high-profile and high-stakes scandals: former UBS banker Tom Hayes was the linchpin of the Libor scandal, which the Swiss bank settled five years ago. It has also been sanctioned for rigging other markets including foreign exchange and precious metals, while also suffering a $2 billion hit from rogue trader Kweku Adoboli in 2011.
The bank's recent past has been quieter, with CEO Sergio Ermotti and Chairman Axel Weber putting an emphasis on restoring UBS' past luster as a respected wealth manager. The only scandal of note that UBS has yet to bury is a long-running French tax evasion probe sparked by whistleblower Herve Falciani, which HSBC's Swiss bank recently settled.
