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THURSDAY, NOVEMBER 26, 2009
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UBS Bans Its Execs From Foreign Travel

Swiss bank facing US inquiry into tax dodge grounds managers

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(Newser) – UBS has banned managers who deal with foreign clients from traveling abroad, the Daily Telegraph reports. The Swiss bank, which has refused to give US investigators the names of 50,000 suspected tax dodgers, denied that the ban is to protect senior staff from American authorities. Analysts, however, see the move as a humiliating step for a firm that prides itself on a face-to-face approach.

Mark Branson, chief financial officer for UBS Global Wealth Management, testifies before the Senate Permanent Subcommittee on Investigations, Wednesday, March 4, 2009.
Mark Branson, chief financial officer for UBS Global Wealth Management, testifies before the Senate Permanent Subcommittee on Investigations, Wednesday, March 4, 2009.   (AP Photo/Pablo Martinez Monsivais)
People follow the stock exchange on several screens outside the UBS Bank in Zurich, Switzerland, Friday, Feb. 20, 2009.
People follow the stock exchange on several screens outside the UBS Bank in Zurich, Switzerland, Friday, Feb. 20, 2009.   (AP Photo/KEYSTONE/Walter Bieri)
UBS headquarters in Zurich, Switzerland. The bank has banned a thousand of its wealth management execs from leaving the country.
UBS headquarters in Zurich, Switzerland. The bank has banned a thousand of its wealth management execs from leaving the country.   (AP Photo/Keystone, Martin Ruetschi)
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