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UBS reinstates chief economist following controversial 'Chinese pig' comments

UBS Group AG has reinstated its global chief economist Paul Donovan, who was placed on leave in June following his controversial remarks about pigs in China that drew public criticism, the Financial Times reported, citing two people familiar with the matter.

The Swiss lender carried out an internal review that concluded Donovan's comments caused unnecessary offense, but that it was an isolated incident, according to the sources.

A UBS spokesperson confirmed Donovan was expected to return to work Oct. 2, according to the FT.

UBS, which has been seeking to expand its Chinese and Asian foothold, has also arranged "cultural sensitivity training" for employees to avoid any unconscious bias, the sources noted.

Relevant regulatory authorities in China and Hong Kong have been informed about Donovan's reinstatement, the report said.