Investment bank UBS has suspended two members of its staff in Hong Kong after launching an investigation into the hiring of an employee related to the head of a mainland corporate client, the South China Morning Post reported Tuesday. The probe began after last month’s revelation that the Swiss bank had become the likely front-runner for the work in a US$1 billion initial public offering of Tianhe Chemicals after hiring Joyce Wei, daughter of the mainland firm’s chairman, from rival JPMorgan Chase, the report said. A source was quoted as saying that the investigation was focused on potential breaches of the standard recruitment processes at UBS. Trade publication IFR reported Monday that Joseph Chee, head of capital market solutions at UBS, and Sharlyn Wu, also part of the capital markets team, were put on leave last week.
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