UBS Says Widens Background Checks for Specialist Employees
Switzerland's biggest bank UBS said it had expanded the number of employees that are subject to internal background checks to around 15% of its workforce in a move than came in the wake of numerous scandals. Under the new policy, roughly 9,000 bank employees will be subject to internal vetting, said a UBS spokesman. UBS is also beefing up policing of its employees as it grapples with a probe into potential rigging of the global foreign exchange market. The spokesman said UBS had already been vetting some current employees and that the expansion was part of the bank's operational risk strategy.