Reports - more departures at UBS

Exit Sign

UBS, the bank facing client complaints over Puerto Rican bond funds, said its local chairman is leaving the company next month.

Bloomberg News reports that Miguel Ferrer will no longer be with the firm as of July 31, according to an internal memo provided by Gregg Rosenberg, a UBS spokesman.

Bloomberg also reports that Philip Partnow, a Managing Director for UBS in China, and Shaun Treacy, the bank’s co-head of Asia general industries, are leaving the Zurich-based firm, two people familiar with the matter said.

The two bankers are on gardening leave, the period workers must wait before joining competitors, one of the people said, asking not to be identified because there is no public announcement. Mark Panday, a Hong Kong-based spokesman for UBS, declined to comment.

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