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UBS and top manager part company

Bank UBS has confirmed a report in the Sonntags Blick newspaper that a top manager involved in a United States tax evasion probe is no longer employed by the company.

Martin Liechti was head of wealth management Americas, and was not allowed to leave the US for several months last year after being called to testify before a Senate hearing investigating charges that UBS staff helped wealthy clients evade tax.

Liechti refused to answer questions regarding former UBS employee, Bradley Birkenfeld, who was arrested and charged with tax evasion offences. Birkenfeld admitted the charges.

However, chief financial officer Mark Branson told the hearing that UBS would no longer provide offshore banking and securities services to residents of the US through its branches in Switzerland.

Branson added at the time that UBS was working with the US government to identify US clients who may have engaged in tax fraud.

Liechti was allowed to leave the US in August and return to Switzerland.

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