UBS ‘Chinese Pig’ Furor Intensifies as Hong Kong Rivals Wade In
- Chief Economist Paul Donovan made reference to ‘Chinese pig’
- China Securities Association of Hong Kong condemns remarks
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Chinese brokerages in Hong Kong stepped into the furor surrounding comments by a top UBS Group AG official about a “Chinese pig,” with an industry group urging the bank to fire all people involved in the incident and a rival firm cutting business ties.
The Swiss bank and its chief economist, Paul Donovan, had previously apologized for the comment, saying it was “innocently intended.” But the Chinese Securities Association of Hong Kong, a group that represents financial institutions including the Hong Kong branches of mainland companies, demanded dismissals and a further apology. Haitong International Securities Group Ltd. said Friday it had suspended its activities with UBS.