UBS discloses tax deal consequences

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 November 16, 2010 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.

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

Contributions under this article have been turned off. 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

Change your password

Do you really want to delete your profile?

Your subscription could not be saved. Please try again.
Almost finished... We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.

Weekly top stories

Keep up to date with the best stories from SWI on a range of topics, straight into your mailbox.


The SBC Privacy Policy provides additional information on how your data is processed.