Hong Kong appeals tribunal overturns financial sector ban on ex-UBS banker Toggle share menu
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HONG KONG: A former top UBS banker in Hong Kong, Cai Hongping, has had a five-year ban from the financial industry for misconduct on an initial public offering overturned after a review, the city s Securities and Futures Commission (SFC) said on Friday.
In 2019 the SFC, in the culmination of a crackdown on shoddy listing standards in Hong Kong, banned UBS from leading IPOs in the city for a year, and fined it and three rivals a combined US$100 million for due diligence failures on three IPOs.
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"While the market continues to view the Q4 earnings disappointment as a blip, we think this is an indication the earnings cycle has come to a peak for offshore IT services providers," UBS India said in a note on Wednesday.
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UBS clients indicated in a survey that they feel guilty about their wealth during the pandemic.
That s pushing more to show interest in charitable donations, UBS s head of US wealth said.
It s a dimension of client sentiment informing the next generation of financial advisors, he said.
If there was any doubt that the world s richest have successfully weathered the pandemic s economic wreckage as wealth inequality has grown, results from a new UBS client survey should correct the record. Emerging from the pandemic with their wealth largely intact, investors feel appreciative of what they have but two-thirds feel guilty about their prosperity, the Swiss bank said in a report published Wednesday that gauged sentiment among 3,800 investors with at least $1 million in investa