January 10, 2019 / 2:48 PM / 2 months ago

UPDATE 1-MOVES-Whistleblower banker Smyth leaves UBS, drops case

(Adds comment from UBS)

By Alice Gledhill and Alex Chambers

LONDON, Jan 10 (IFR) - Debt capital markets banker Ben Smyth, who instigated a court case against his employer UBS last year, has left the bank, according to two sources, and the case is now settled.

“UBS takes all whistleblowing concerns extremely seriously. Ben Smyth properly raised concerns which UBS has investigated and which are now closed. The employment tribunal proceedings between Ben and UBS have been resolved,” a spokeswoman for UBS said. She declined further comment.

Smyth, who was an executive director in UBS’s financial institutions origination team, claimed in a London employment tribunal on November 26 that he suffered after whistleblowing in 2015.

He had complained that Amir Hoveyda had been involved in an inappropriate transaction. Hoveyda later became global head of DCM and client solutions at UBS and Smyth said he was subsequently bullied and passed over for promotion.

One of the sources said Smyth left a few days before the New Year.

The case was due to proceed this year following a recent preliminary hearing. UBS said in November it denied the allegations made in the claim and would defend its position. (Reporting by Alice Gledhill; editing by Steve Slater)

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