UBS Steps Up Vetting of Employees

Switzerland’s biggest bank UBS said it had expanded the number of employees that are subject to internal background checks to around 15 percent of its workforce in a move that came in the wake of numerous scandals.

Under the new policy, roughly 9,000 employees of the Zurich-based bank will be subject to internal vetting, a spokesman for UBS told Reuters, confirming a report on Monday by Swiss finance website, Inside Paradeplatz.

UBS is beefing up policing of its employees as it grapples with a probe into potential rigging of the global foreign exchange market, including by the Securities and Exchange Commission, U.S. justice officials, and Britain’s Financial Conduct Authority.