UBS set to beef up compliance with 350 staff - memo

Swiss bank UBS (UBSG.VX) is set to add as many as 350 compliance staff in Nashville and Krakow over the next two to three years, according to a memo seen by Reuters on Friday. The move boosts the Swiss bank's compliance and operational risk control department led by Colin Bell to roughly 1,500 people, and comes after a series of costly scandals including a probe into the attempted manipulation of foreign exchange rates. "We must also continue to focus on improving the effectiveness of our processes and productivity across the function," Zurich-based UBS wrote in a memo to staff detailing its risk controls.

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