Swiss bank UBS has reported that SFr15-SFr40 billion ($15.2-$40.7 billion) of client assets could be affected by new tax accords Bern has made with other countries.
This content was published on
1 minute
swissinfo.ch and agencies
At the same time, UBS confirmed its medium-term goals, saying it remained on course to reach an annual pre-tax profit of SFr15 billion.
UBS has launched a large advertising campaign as it tries to win back clients who left the bank after it wrote down more than SFr50 billion on toxic assets in the credit crisis in the United States and was the target of a damaging US tax investigation.
“We believe that we are on track with the transformation of our business and we confirm our medium-term targets outlined last year,” said chief executive Oswald Grübel.
The SFr15-SFr40 billion UBS said could be affected by the tax deals with other countries compares with the SFr960 billion in total invested assets at the end of 2009.
Popular Stories
More
Banking & Fintech
UBS releases ‘hundreds’ of staff in fresh wave of job cuts
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Private banks slow to adapt to taxing times
This content was published on
While a handful of banks see no reason to reform their procedures, most are waiting for the bigger banks to test the waters before embarking on their own measures, according to a study. The Swiss banking sector has come under enormous pressure in the past two years to end the practice of sheltering non-declared assets…
This content was published on
The impending negotiations of tax accords with Britain and Germany now appear to have lifted the pressure from the Swiss financial centre’s most prized asset. But to what extent has the threat really been lifted? Konrad Hummler, head of Switzerland’s oldest private bank Wegelin, believes that talks with the two powerful countries – which centre…
This content was published on
Both Britain and Germany have agreed to negotiate on a plan to tax at source assets which their citizens hold in Swiss banks. This would circumvent the requirement for an automatic exchange of information about bank clients, which is what the European Union is pushing for. If the negotiations are successful, the tax authorities would…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.