The Guardian reports that UBS has fired two US brokers and suspended nine more following an internal review of its mutual funds trading practices.
A spokesman at UBS Financial Services, the bank's brokerage arm, said: 'As a result of an internal review, UBS has fired two financial advisers and disciplined an additional nine for breaching firm policy regarding market timing'. UBS is believed to be the fifth large securities firm to exit brokers as a result of the internal investigations most companies are conducting following US state and regulatory probes into the mutual funds industry.
The Wall Street Journal reports that, according to unnamed 'people familiar with the sanctions', the nine suspended brokers are likely to return to work in the coming weeks. The distinction between those who were sacked and those suspended is said to be the extent of their awareness of the breaches in internal guidelines and the efforts made to 'conceal' the activities.
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