UBS beefing up in Compliance

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UBS, which has paid more than $3bn in fines since the start of the financial crisis, plans to hire as many as 350 more workers to monitor regulatory compliance.

Bloomberg News reports that would increase the number of employees in its compliance and operational risk control unit to about 1,500.

Most of the workers will be based in Nashville, Tennessee, and Krakow, Poland, where the bank has been building up its presence in recent years.

The bank announced the plan, to be carried out over two to three years, in a memo to employees dated April 2. 

'We are reinforcing the firm’s second line of defense in response to the increasing internal and external expectations upon us to become even more effective at identifying and controlling risks', the memo said.

To access the complete Bloomberg News article hit the link below:

UBS Plans to Add Up to 350 in Compliance After Billions in Fines

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