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UBS set to beef up compliance with 350 staff - memo

Workers are seen beside a logo of Swiss bank UBS in Zurich February 13, 2015. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Swiss bank UBS (UBSG.VX) is set to add as many as 350 compliance staff in Nashville and Krakow over the next two to three years, according to a memo seen by Reuters on Friday.

The move boosts the Swiss bank's compliance and operational risk control department led by Colin Bell to roughly 1,500 people, and comes after a series of costly scandals including a probe into the attempted manipulation of foreign exchange rates.

"We must also continue to focus on improving the effectiveness of our processes and productivity across the function," Zurich-based UBS wrote in a memo to staff detailing its risk controls.

"In Compliance and Operational Risk Control alone, we envisage the need to add 350 roles," the memo said.

Initially, the staff will focus on monitoring and oversight, employee conduct and financial crime, according to the memo.

A spokeswoman for the bank confirmed the memo's contents, which were first reported by Friday's edition of Swiss newspaper Neue Zuercher Zeitung.


(Reporting by Katharina Bart; Editing by Keith Weir)