Following the financial crisis, UBS does not dispute the need for tougher bank regulation on issues such as risk, liquidity and emergency measures, Weber said, but he warned of possible knock-on effects of putting rules into place without consulting banks
After December 31, 2012, unless Congress enacts new legislation, this opportunity will vanish and will be replaced by a $1 million exemption and a 55 percent federal transfer tax rate.
Although the current situation for banks is characterised by falling margins, a large number of regulatory projects and constant pressure from abroad, Switzerland can continue to be a leading financial centre.
While employed at UBS, the three men participated in separate fraud conspiracies and schemes with various financial institutions between 2001 and 2006, the United States Department of Justice said.
Modelled on Switzerland's agreements with Germany, Great Britain and Austria, the deal is aimed at the billions of euros Athens estimates that wealthy Greeks have parked in the Alpine country to avoid taxes back home.
Baker’s profit per partner fell 9 percent to a three-year low of $1.09 million, however, with the firm’s profit margin dropping 4 percentage points to 34 percent.
The Serious Fraud Office, which prosecutes bribery and white collar crime, may inform the London-based bank about its decision on a probe this week, according to the people, who declined to be identified because the discussions are private.
A German media report put an unwelcome spotlight on Singapore, Asia's prominent wealth management centre, earlier this month, saying that some Swiss bankers had advised clients to transfer funds there before the implementation of a deal to tax German