Haitong International Securities cuts business ties with UBS, following a comment about Chinese pigs made by the Swiss bank’s global chief economist
BEIJING/SHANGHAI - Haitong International Securities Group Ltd said it has cut ties with UBS Group AG, following a comment about Chinese pigs made by the Swiss bank’s global chief economist that was perceived by some as a racist slur.
“There is not a clear timetable on when to resume the collaboration, which is subject to the management’s decision,” Haitong International said. A flippant reference to pigs in an inflation analysis by the economist caused a furor in China, with some in the financial community rejecting UBS’ apology and calling for a boycott.
“We have removed the audio comment from circulation. To be clear, this comment was about inflation and Chinese consumer prices rising, which was driven by higher prices for pork.”
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