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15 Sep 2008
Investment bank UBS is negotiating with the US Department of Justice and the Securities and Exchange Commission following alleged breaches by its offshore private-banking unit.
According to a report on ft.com, a deal with the two authorities would signal a fresh start for shareholders and 'burnish the reputation' of Peter Kurer, its new chairman.
While Kurer is yet to publicly declare when a solution is likely, the bank is said to be under increasing pressure from Swiss governance on banking secrecy. The US authorities are currently seeking data on the bank's 19, 000 offshore clients.
The Swiss bank is looking to settle the allegations before its next shareholders meeting, scheduled for 2 October.
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