UBS shares fell Wednesday on a report that the U.S. Justice Department believes Credit Suisse may have helped Russian clients sidestep and itself may be...
Shares of UBS Group AG came under pressure on Wednesday after a report that the U.S. Justice Department suspects Credit Suisse helped Russian clients evade sanctions and may be looking at compliance failures at its new parent company.
UBS purchased Credit Suisse earlier this year for more than $3 billion with the government’s backing. The combined Swiss bank reported a blowout net profit of $28.88 billion in the second quarter, from $2.11 billion in the previous quarter, mostly due to negative goodwill from the Credit Suisse purchase.
A lingering headache for UBS, Credit Suisse is also the subject of other probes by the U.S. department which is still trying to determine whether the bank helped U.S. clients hide their assets, years after it paid a settlement of $2.6 billion on tax evasion.
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