ZURICH (Dow Jones)–UBS AG’s (UBS) chief executive told staff Monday halting the bleeding of assets from its wealthy client division is “imperative,” according to a memorandum on ethics provided by the Swiss bank.
ZURICH (Dow Jones)–UBS AG’s (UBS) chief executive told staff Monday halting the bleeding of assets from its wealthy client division is “imperative,” according to a memorandum on ethics provided by the Swiss bank.
“Although one-off effects such as tax amnesties are unavoidable, we ourselves must not give clients any reason to leave the bank,” Oswald Gruebel says in the memo.
The Zurich-based bank has struggled with withdrawals from its private banking arm for a variety of reasons, including major write-downs on illiquid real estate securities, then a messy U.S. probe into hidden offshore accounts as well tax amnesties from countries such as the U.S. and Italy.
Related
To read the full story, visit wsj.com
Content from our partners
