The Securities Association of China said in a statement that it wants its members to blacklist UBS economist Paul Donovan after he made comments that some found offensive.
The economist, said this week that the situation regarding a porcine virus mattered “if you are a Chinese pig.” Some found his choice of words to be offensive, saying they felt it referenced people in China rather than pigs in the Asian country that have been affected by the virus.
In a statement, the association said Donovan is an “unwelcome person” and said members shouldn’t cite his research nor invite him to participate in conferences. The group also said UBS will be required to take “effective measures” to offset adverse effects, strengthen its management and compliance reviews and eliminate “similar problems” to avoid any effects on its business operations in China.
Donovan has been placed on leave while the matter is investigated, Bloomberg reported. He sent an apology saying that his comments were innocent and that the bank has removed the audio comment from circulation.
“To be clear, this comment was about inflation and Chinese consumer prices rising, which was driven by 14.4 per cent year-on-year higher prices for pork,” he said in his apology statement.
UBS shares were down 1.3% in late-day trading.
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