(Reuters Breakingviews) - UBS has set a troublesome precedent in China. The Swis...
FILE PHOTO: Pigs are seen at a family farm in Fuyang, Anhui province, China December 5, 2018. REUTERS/Stringer/File Photo ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT.
A regular podcast by Paul Donovan, UBS Global Wealth Management’s plain-speaking chief economist, included a comment last week on China’s devastating swine fever epidemic and its effect on pork prices and food inflation: “it matters if you are a Chinese pig”. The statement, in part because of an ungenerous translation, was interpreted in some quarters as a racial slur. Given the opportunity, competitors jumped.
But corporate grovelling is usually reserved for political grievances. Here, by placing Donovan on leave, the bank gave in to rivals too. UBS does business with Haitong, but also competes with it in everything from equity and debt issuance to wealth management, a battleground that will intensify now that UBS owns a 51% stake in its Chinese venture. The Hong Kong securities trade group speaks for over 120 potential competitors.
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