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UBS’s Chee Said to Return to Work After Review of China Hire

Updated on
UBS AG Head of Global Capital Markets Joseph Chee
UBS AG Head of Global Capital Markets Joseph Chee. Photographer: Jerome Favre/Bloomberg

March 25 (Bloomberg) -- Joseph Chee, who was placed on leave by UBS AG in February amid an internal review into the hiring of a banker, returned to work yesterday, according to two people with knowledge of the matter.

UBS was looking into the recruitment of Joyce Wei, whose father is chairman of China’s Tianhe Chemicals Group, the people said, asking not to be identified. Sharlyn Wu, a member of 43-year-old Chee’s team who was also placed on leave, hasn’t yet returned to work, one of the people said.

Banks are becoming more vigilant about hiring in Asia after U.S. authorities last year started a criminal investigation into whether JPMorgan Chase & Co. employed children of China’s elite in violation of anti-bribery laws. UBS is among banks to receive requests from the U.S. Securities and Exchange Commission for information regarding hiring practices, one of the people said.

Mark Panday, a spokesman for Zurich-based UBS in Hong Kong, declined to comment.

The Swiss bank’s review focused on whether the bankers violated internal guidelines and procedures when Wei was recruited. UBS was one of the firms advising Tianhe on its $1 billion Hong Kong share sale.

JPMorgan quit working on Tianhe’s IPO in January as the New York-based bank previously employed Wei, two people with knowledge of the matter said that month. Wei left JPMorgan in August and UBS hired her toward the end of last year, the people said.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net Russell Ward

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