UBS tax fraud charge outstrips expectations and provisions

Jasper Cox

February 20, 2019 05:00 pm

UBS_PA_230x150 — A general view of the offices of investment bank UBS in London as the Swiss banking group UBS revealed a rogue trader had cost it an estimated two billion US dollars (1.3 billion). | John Stillwell/PA Archive/PA Images

UBS is appealing a decision in France that would see it pay €4.5bn after being found guilty of helping clients defraud the tax authorities. The total amount topped market expectations, dwarfed the bank’s provisions for litigation, and gobbled up its 2018 net profits and then some.

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Topics

Regulation UBS FIG People and Markets Europe EMEA SRI FIG People and Markets

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Jasper Cox