Sunday, 22nd November 2009

 

19 February 2009 - Press Briefing

UBS to hand over US client names in tax evasion settlement

UBS will hand over the names of nearly 250 account holders as soon as Thursday as part of a $780m (€620m) settlement with US prosecutors, a move representing a significant departure from the Swiss tradition of banking confidentiality, according to a report in The Wall Street Journal.

The Swiss bank must adhere to the terms of the settlement or risk being indicted, in what's known as a deferred prosecution agreement.

UBS has also agreed to pay $200m to settle accusations of breaching US laws requiring its bankers to register in order to sell US securities, the Securities and Exchange Commission said, as cited in the WSJ report.

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Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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