November 30, 2018 / 1:50 PM / 18 days ago

UBS faces whistleblowing case in DCM

LONDON, Nov 30 (IFR) - UBS was in the spotlight this week after a London court decided to proceed with a whistleblower case against the bank and its debt capital markets boss, Amir Hoveyda.

Ben Smyth, who still works in the Swiss lender's debt capital markets FIG business, claimed in court on November 26 that he suffered after whistleblowing back in 2015.

Smyth was reported to have argued that Hoveyda, UBS's global head of DCM and client solutions, had been involved in an "inappropriate transaction" and that he was subsequently bullied and passed over for promotion.

He complained about Hoveyda in the summer of 2015.

Smyth, according to his LinkedIn profile, is an executive director at UBS and has worked at the bank since 2010. He joined from ABN Amro.

Hoveyda, a well-known debt capital markets figure, joined UBS in January 2014 from StormHarbour as vice chairman in corporate client solutions for the Europe, Middle East and Africa region. Hoveyda was promoted to his current job in December 2015, replacing Fabio Lisanti.

The case is expected to proceed next year. Both Smyth and Hoveyda declined to comment.

"This was a preliminary hearing on procedural matters only," UBS said in a statement. "We deny the allegations made in the claim and will continue to defend our position.‎" (Reporting by Helene Durand, Editing by Alex Chambers, Steve Slater)

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