UBS Bans Work Travel for Mideast Staff as Israel Conflict Rages

UBS Group AG has imposed a work-related travel ban on its staff within the Middle East and postponed a wealth management event that was due to take place in Qatar this month as a conflict between Israel and Hamas militants escalates.

(Bloomberg) — UBS Group AG has imposed a work-related travel ban on its staff within the Middle East and postponed a wealth management event that was due to take place in Qatar this month as a conflict between Israel and Hamas militants escalates.

The Swiss bank, which has hundreds of staff across in countries such as the United Arab Emirates and Qatar covering wealth management and investment banking, told employees to stop business travel within the region, according to an internal memo that was seen by Bloomberg and confirmed by a UBS spokesman.

The spokesman also confirmed that UBS was cancelling business travel and events in the Middle East for the foreseeable future.

The restrictions are the most extensive step yet by a global bank after an unprecedented incursion into Israel by Hamas militants on Saturday set off a war, which has killed more than 1,200 Israelis and some 900 Palestinians. Some Wall Street banks including JPMorgan Chase & Co. and Morgan Stanley have told staff in Israel to work from home amid the attack.

UBS is one of the largest wealth managers operating in the Middle East and the Swiss lender is keen to further expand its presence in the region after its takeover of Credit Suisse. Earlier this year, it promoted Niels Zilkens to lead the firm’s wealth business in the Middle East after the unit was stung by departures in the midst of management changes.

–With assistance from Marion Halftermeyer.

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