UBS Financial Services has been told to pay $2.8m (£1.8m) to a recruiter previously employed by the firm.

Onwallstreet.com news website reports a panel of Financial Industry Regulatory Authority arbitrators ruled in favour of the claimant, Jeffrey Kane Bischoff, on 29 December .

The site reports Bischoff had requested no less than $1.9m from damages related to a breach of contract, as well as unspecified reimbursement for damages related to unjust receipt and retention of his services and related expenses including attorney’s fees.

The ruling ensures the former recruiter is set to receive $2.8m from UBS, plus 9% annual interest from 1 January until it is paid. In addition, UBS is also to reimburse Bischoff $600 for arbitration filing fees.

Bischoff has taken on the national recruiting position at UBS’ private wealth management division in 2007, after previously serving as a recruiter at Citi Smith Barney and was employed at UBS until June 2009.