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UBS shares plunged Wednesday following a report that the Swiss bank faces a widening probe by the US Department of Justice over suspected compliance failures that allowed Russian clients to evade ...
UBS Group AG building in St. Gallen.UBS maintains strict banking secrecy practices which have been used to facilitate tax evasion. The Swiss investment bank and financial services company, UBS Group AG, has been at the center of numerous tax evasion and avoidance investigations undertaken by U.S., French, German, Israeli, and Belgian tax authorities as a consequence of their strict banking ...
The now-settled lawsuit against UBS, filed by prosecutors in late 2018, accused the bank of knowingly making false and misleading statements to buyers of RMBS relating to the mortgages ...
Swiss bank UBS is laying off 51 employees at its Weehawken office. Five other financial institutions announced New Jersey layoffs so far in 2024 UBS latest bank to announce NJ job cuts as finance ...
A UBS retail bank for private wealth management in St. Gallen, Switzerland. On 30 October 2012, UBS announced that it was cutting 10,000 jobs worldwide in an effort to slim down its investment banking operations, of which 2,500 would be in Switzerland, followed by the United States and Great Britain. This 15-percent staff cut would make overall ...
UBS will keep the Swiss business of Credit Suisse but will retire its brand. UBS says it plans to cut costs by $10 billion. UBS also announced at the end of August 2023 that money outflows have stopped at Credit Suisse. [76] UBS announced a record profit of nearly $30 billion in the second quarter of 2023 following the acquisition of Credit ...
UBS believes the issues should be settled diplomatically. Right now under a 1996 treaty, Swiss banks may turn over account data only when proof of "tax fraud or the like" can be proven.
The loss to UBS was described as "manageable" although it might cause UBS to report a net loss in the following financial quarter. The bank's net earnings for the year ending June 2011 were $6.4 billion [13] with a gross profit of approximately $1.1 billion reported by UBS for the third quarter of 2011.