UBS Asks European Dealmakers to Hold off on Business Travel
UBS Group AG is asking its advisory and deals bankers in Europe, the Middle East and Africa to avoid traveling for business purposes.
The precautionary measure applies to employees in the global banking unit amid the uncertainty surrounding the new Covid-19 variant Omicron, according to a person familiar with the guidance.
Financial News reported the new earlier on Friday. A spokesperson for UBS declined to comment.
Bankers who work on capital markets deals and mergers and acquisitions tend to travel frequently, though many have seen their trips curtailed by restrictions put in place by countries across the region. The full workforce of most European and American banks hasn’t yet fully returned to the office, despite efforts to mandate workers to do so.
JPMorgan Chase & Co this week called off a holiday event planned for its London-based bankers and other firms across the City of London are also abandoning end-of-year celebration plans or curbing guestlists.
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