UBS Group AG (SIX:UBSG) has introduced a travel ban for its Middle Eastern staff due to the escalating conflict between Israel and Hamas, which has resulted in over 1,200 Israeli and 900 Palestinian casualties. The Swiss bank's decision, confirmed by a spokesman and announced through an internal memo, is one of the most severe responses from any global bank following the unprecedented militant incursion into Israel.
The bank has also cancelled future business travel and events in the region, including a wealth management event in Qatar. Other major banks, such as JPMorgan Chase & Co. (NYSE:JPM) and Morgan Stanley, have also reacted to the situation by mandating remote work for their Israeli staff.
These measures come amidst a period of change for UBS's Middle East wealth business. The bank recently took over Credit Suisse and appointed Niels Zilkens to lead its operations in the region, which are among the largest of their kind. The appointment follows a series of staff departures and management changes within the bank.
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