UBS recruits Chinese auditors "to check the report"

According to the British "Financial Times" reported on the 18th, UBS Group (UBS) is recruiting "content auditors" team to ensure that its publishing Chinese research report does not contain "sensitive" content.

It is reported that a recruitment advertisement released by UBS global wealth management department in July shows that the auditors should ensure that the "language, tone and content" of all Chinese reports in the department should be "appropriate and in line with regulatory and internal standards." "Any sensitive content". It is understood that sources related to the recruitment process revealed that UBS Group has recruited a reviewer in Hong Kong, China, and is recruiting more auditors in Singapore. The reviewer will work with the research report editor team.

For UBS recruitment, a global bank executive said that this is equivalent to "self -examination", and their banks only allow "accurate translations" when publishing research reports in Chinese and English. However, a person close to UBS denied that the group reviewed the research report and said that the above measures were not "new concepts". Other banks also recruited such editors, but "using different job names".

The Financial Times stated that the UBS group was in a controversy in China in 2019. Paul Donovan, chief economist of UBS global wealth management, has attracted widespread discussion due to the use of "Chinese pigs" in a report discussing the problem of "Chinese pigs". At that time, Haitong International, a Hong Kong subsidiary of Haitong Securities, China Securities Corporation, canceled all cooperation with UBS, and the China Securities Industry Association requested that member units must not quote the Dornovan report or invite them to attend the event. Donanvan was suspended for 4 months by UBS and resumed his work after an apology.

Former Chief Representative of the Beijing Representative Office of Zurich, Switzerland, Liu Zhiqin, a senior researcher at the Chongyang Financial Research Institute of Renmin University of China, told the Global Times reporter on the 18th that in terms of his own experience, foreign foreign banks have strict requirements on speeches. A review, sensitive topics involving politics and China cannot comment at will, so as not to bring negative impacts. Liu Zhiqin said, "In recent years, the international public opinion environment has gradually become strict for the Chinese market. There are political factors and media factors. Some Western media take the opportunity to speculate on sensitive issues, and some companies have deliberately played the ball. In this regard, we must also defend our fundamental interests. "

In addition, the "Financial Times" mentioned in the report that China is opening its financial industry to foreign competitors. In 2007, UBS established its first joint venture securities company in China, and in 2018, it became the first foreign financial institution to increase its equity to realize the holding joint venture securities company. JP Morgan Chase and Goldman Sachs has also taken the lead in obtaining the qualifications to operate a wholly -owned holding broker in China in the past year. ▲

Reporter Zhang Wang, a special reporter Zhen Xiang

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