UBS accused of racial discrimination
Three ex-employees of UBS Financial have filed a lawsuit accusing the brokerage of racial discrimination in its hiring and promotions practices. According to the lawsuit, as of March 2002, of the 8,615 brokers employed by the firm, only 1.2 percent were black. Of 1,728 non-broker officers, only 3.1 percent were black. No black has ever been executive vice president or senior vice president, the suit added. It noted a culture that seemed to believe that African-Americans can only sell financial products to other African-Americans.
> Here's the Associated Press article.
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