UBS: No More Swiss Cheese for US Clients

A UBS executive told a Senate probe today the bank will no longer host accounts for US clients, the Wall Street Journal reports. The Swiss bank is under investigation by the IRS for marketing tax-evasion strategies involving its offshore accounts to wealthy Americans. The Senate panel estimates that the US loses about $100 billion annually due to offshore tax evasion.

"UBS will no longer provide offshore banking or securities services to US residents through our bank branches," Mark Branson said. "I am here to make absolutely clear that UBS genuinely regrets any compliance failures that may have occurred." (More Swiss bank stories.)