The CFO of UBS’s global wealth management group told a U.S. Senate subcommittee that the troubled bank will curb offshore banking options to U.S. citizens, the New York Times reports.
UBS’s Mark Branson says that the Swiss company will still offer banking or securities services to American residents, but only through companies licensed in the U.S. UBS apologizes for complance shortcomings and will help the U.S. identify American citizens engaging in tax fraud, Branson says.
Even the subcommittee’s chairman, Sen. Charles Levin, was taken off guard by the bank’s announcement. “I thought we were ready for any possibility,” he told the Times. “It turns out we weren’t.