UBS has lost a lead role on a U.S. dollar bond deal for state-backed China Railw...
), a leading Chinese brokerage, to suspend all business with the Swiss group as some Chinese bankers and analysts criticised the bank for a lack of cultural awareness.
The decision was taken because of the controversy over the pig comment, according to a source at the bank, who declined to be named as he was not authorised to talk to media.The upset stemmed from a remark by Paul Donovan, global chief economist at UBS’s wealth management business since 2016, in a podcast on Wednesday which was then transcribed and posted on the bank’s website. It has since been taken down.
“Does this matter? It matters if you are a Chinese pig. It matters if you like eating pork in China,” Donovan said in comments some took offence at because of a perceived reference to people, not livestock.The fierce outcry has taken many other western banks by surprise. In at least two Wall Street institutions bankers said their colleagues were discussing which words they should avoid following the UBS pig furore.
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