Skip to main content

Baby Steps At UBS

  • Author:
  • Updated:

As you’ve probably heard, the U.S. Department of Justice is investigating whether or not UBS helped its clients evade taxes. Yet another less than shining moment for the Swiss bank, on the heels of writing down trillions, laying off millions, and demonstrating an extreme inability to take a joke. Or is it? Obviously that’s how the naysayers (Credit Suisse) would like to see it, but from our angle, the so-called "crimes" committed between 2000 and 2007 are the first indication of UBS trying to do right by its clients. We should be applauding UBS for such efforts, not knocking it down-- they kinda sorta give a shit! About people other than themselves! Not so much shareholders or anything (let's not go crazy), but maybe if we start offering positive reinforcement for good deeds now, there’s a glimmer of hope that perhaps, many, many years down the road, they'll consider it.
UBS Faces U.S. Tax Evasion Probe; Employee Detained [Bloomberg]


It's Possible A Bunch Of Employees At UBS Deutschland Helped Clients Evade German Taxes

The bank has ran its own internal investigation and found no evidence of wrongdoing but prosecutors are still going to take a look-see themselves. The investigation, being conducted by economic-crimes prosecutors in Mannheim, was started in March against unnamed employees after a tax inquiry in the southwestern state of Baden Wuerttemberg identified suspicious transfers of funds from Germany to Switzerland, allegedly executed by a German taxpayer with the assistance of the Frankfurt-based office of UBS Deutschland AG...In May, prosecutors seized more than 100,000 computer files and other records during a search of the bank's Frankfurt office, Mr. Lintz said. Tax investigators are assessing this material to identify evidence that bank officials acted as accessories to tax evasion, he said. In its statement, UBS Deutschland said that "an internal investigation into the specific allegations has not identified any evidence of misbehavior by UBS Deutschland AG." It said it is cooperating with the criminal investigation. Several investigations of UBS clients in Germany are under way by local prosecutors independent of the Mannheim investigation, Mr. Lintz said. He declined to say how many clients are under investigation. A report in the Thursday edition of German newspaper Stuttgarter Nachrichten said thousands of bank clients are under investigation. Mr. Lintz declined to confirm that figure. Germany Probes UBS Staff on Tax-Evasion Allegations [WSJ]

Hiring (At Some Point) Watch '12: UBS

The Swiss bank is said to be making the young ones wait to hear if there's room at the inn. "UBS is delaying return offers to summer analysts in S&T from late August to God-knows-when. Reason provided: "It's difficult to bring key decision makers together due to 2-weekers [taking their mandatory vacation]"