ZURICH - A group of campaigners wants UBS to lose its exemption from U.S. regulations that allows the Swiss bank to operate in the American pension market despite breaking banking rules, Sueddeutsche Zeitung reported on Monday.
A group of activists is now lobbying the Department of Labor to end the Swiss bank's exemption, the paper said, highlighting how UBS has paid around $20 billion in penalties for nearly 100 offences between 2000 and 2023. In recent years UBS has been convicted in France of helping wealthy clients evade taxes, resulting in a 4.5 billion euro fine, reduced on appeal to 1.8 billion euros.
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