A top analyst at UBS has taken a leave of absence after his inclusion of the phrase “Chinese pigs” in research commentary.
A top analyst at UBS UBS, -1.28% has taken a leave of absence after his inclusion of the phrase “Chinese pigs” in research commentary this week on the country’s rising pork prices triggered an outcry among the Chinese financial community.
His commentary sent tremors throughout Hong Kong’s community of Chinese financial professionals. A letter from the Chinese Securities Association of Hong Kong called for Donovan’s dismissal. Haitong International, the overseas arm of a Chinese brokerage, said they had suspended dealings with UBS.“We confirm that we have asked Paul to take a leave of absence as we review this matter, to evaluate whether furthers steps need to be taken,” said a UBS spokesperson on Friday.
Hao Hong, head of research at Bocom International, wrote in a tweet on Wednesday that “some saying it’s an unfortunate misunderstanding. But it’s hard to believe that many smart people in Chinese finance community collectively misunderstood this comment.”
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