UBS Booted Out Of GM IPO After Employee Sends Scandalous Email

Well, it wasn’t the most colourful email ever sent on Wall Street, but it will cost UBS an easy $10 million in underwriting fees.

A UBS employee sent an email detailing the GM IPO offering to 150 clients, which apparently violated SEC marketing rules. The firm has now been kicked off the GM underwriting team.

(Props to Dealbreaker, who first reported this happening.)

UBSOne of these days we’ll do something right.

More at the New York Post >

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Tagged In

clusterstock-us gm ubs