UBS Says It's Part Of Big-Bank Electronic Messaging Probe
By Emilie Ruscoe (July 26, 2022, 8:41 PM EDT) -- Investment bank UBS Group AG is the latest financial institution to say it's facing regulatory scrutiny in connection with its employees' use of "unapproved electronic messaging channels" for business purposes.
In a public filing Tuesday, the company told investors that the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission are looking at the company's business communications to determine whether they comply with records preservation requests.
UBS said that it was cooperating with investigators and noted that it's not the only financial institution in the regulators' crosshairs over the possible violation.
The announcement comes days after Bank of...
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