It seems an international bank is turning over a new leaf this week as reports surface that it has begun placing greater value on humanitarian factors such as team work and ethical behaviour.
Following a string of scandals, such as the manipulation of benchmark interest and foreign exchange rates as well as aiding tax evasion by U.S. clients, UBS has started to rank its employees’ behaviour as part of the company’s performance reviews.
According to news agency Reuters, the 60,000 employee strong bank is now grading its workers from one to five on their behaviour – the result will make up about 30 per cent of each employee’s overall review which is then tied to year-end bonuses.
The move hasn’t come out of the blue for the Swiss bank, as the institution began factoring employee behaviour into reviews last year – but this is the first time a separate score will be given.
In addition to shelling out billions of dollars to settle the aforementioned scandals, UBS also suffered a loss in excess of $2 billion following a rogue trading disgrace.
More like this:
Ontario court busts long-standing employment myth
Spies who chased terrorists join banks to hunt for rogue traders
Three alternatives to scrapping annual reviews