UBS’s Reason for Firing Veteran Banker Found ‘Defamatory’ (1)

UBS Group AG’s reason for dismissing veteran investment banker Jim Boland was defamatory, an arbitration panel found.

A Financial Industry Regulatory Authority panel of independent arbitrators said that the reason for Boland’s exit from UBS should be changed to “voluntary,” and the termination determination should be deleted in its entirety, according to a filing.

“The panel recommends expungement based on the defamatory nature of the information,” it said in an arbitration decision dated Monday.

UBS fired Boland as head of Americas leveraged finance in 2018 for allegedly failing to provide full information to his managers about changes to a ...