November 27, 2013 / 8:38 PM / 5 years ago

UBS clamps down on online chat use: memo

The logo of Swiss bank UBS is seen at a branch office in Zurich October 29, 2013. REUTERS/Arnd Wiegmann

(Reuters) - Swiss bank UBS AG UBSN.VX is the latest multinational bank to curb the use of electronic chat rooms at its workplace, according to a memo seen by Reuters on Wednesday.

Earlier this month Reuters reported that JPMorgan Chase (JPM.N), Credit Suisse Group CSGN.VX and Citigroup Inc (C.N), among others, were reviewing chat room use over concerns that regulators view some of the forums as potential venues for collusion and market manipulation.

The memo states UBS prohibits the use of social chat rooms. The memo also states that all chat facilities must have an assigned managing director-level UBS ‘owner’, who is permanently on the chat moderating and is responsible for the membership, content and behavior in the room.‬

A London-based spokesman for the bank confirmed the memo’s content.

Reporting by Karen Rebelo in Bangalore; Editing by Leslie Gevirtz

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