UBS imposes restrictions on Credit Suisse staff to reduce transaction risk - reports

Nearly two dozen ‘red lines’

UBS executives have established a list of nearly a dozen “red lines” that ban Credit Suisse staff from a range of activities as the bank prepares to complete the acquisition of its struggling rival as early as today (12 June).

According to a report by the FT, these prohibitions include a ban on taking on new clients from high-risk countries, such as Libya, Russia, Sudan and Venezuela, as well as Ukrainian politicians and state-owned enterprises.  The prohibitions, written by UBS's compliance department, have been drawn up to reduce the risk of the transaction. These also include a ban on complex financial instruments, while launching new products without approval from UBS managers will also be banned.  UBS seals £8bn deal with Swiss government to cover Credit Suisse losses Last month, UBS chair Colm Kell...