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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 ...
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 ...
During Weil's tenure at UBS, the bank became embroiled in the 2008-09 U.S. tax evasion controversy, which led to Weil's voluntary departure from the bank after he was indicted by the U.S. Justice Department for allegedly offering help to thousands of UBS's U.S. clients who failed to pay their federal income taxes.
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, public records show, as New Jersey’s banking and finance sectors more broadly grapple with tightening budgets amid uncertain ...
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 ...
In the past year, Ermotti made 14.4 million Swiss francs ($15.9 million), making him the best paid European bank boss as he navigated UBS through the Credit Suisse acquisition.