FT.com / Companies / Banks - US tax battle weighs on UBS .
UBS, the Swiss bank embroiled in a US tax evasion probe, posted its third straight quarterly loss after being hit by restructuring costs and an accounting charge related to its own debt.
The Zurich-based bank said its net loss widened to SFr1.4bn ($1.31bn) for the three months ended in June, up from SFr395m for the same period last year.
UBS’s results show that clients withdrew more than SFr16bn from its flagship wealth management unit in the second quarter as the probe dragged on.
Tax abuse really does not pay.
Swiss banking secerecy really is dead.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
There are links to this blog's glossary in the above post that explain technical terms used in it. Follow them for more explanations.
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Buy me a coffee!
So when governments do decide to take action against the banks, they can have an effect. Something our spineless politicians might take notice of, after hell has frozen over of course. Hopefully, UBS will go bust over this.