The Australian has reported:
UBS's US operations decided on the ban earlier this month after it was caught up in a congressional enquiry into tax avoidance, which also exposed the private tax dealings of Australia's second-richest man, Frank Lowy.
"UBS will no longer provide offshore banking or security services to US residents through our bank branches," said Mark Branson of UBS's Global Wealth Services.
However, UBS Australia has ruled out following suit. "Our business model is not going to change," a UBS spokeswoman told The Australian.
The spokeswoman said the Australian offshore investment model was different from that of the US because of different reporting requirements, but he was unable to explain further.
The leopard has not changed its spots then. I'm not surprised.
But if banks like UBS don't change then change will have to be imposed upon them. That will take political will from a powerful leader. I hope Obama is up to the challenge.