Paul Donovan's audio commentary apology

14 June 2019

Regarding our CIO Chief Economist Paul Donovan's audio commentary on 12 June, and his comments about inflation and the rise of Chinese consumer prices:

UBS apologizes unreservedly for any pain caused by these comments, which we believe were innocently intended as an economic comment on inflation and Chinese consumer prices rising. Nevertheless, they should not have been made in this way. We have removed the audio commentary from circulation and Mr. Donovan has also apologized publicly.

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