UBS Offers Negative Rate Holiday to Some Clients After Outflows

Bank seeks to attract new money as crisis erodes assets
Clients pulled $16 billion in first quarter to avoid charges

The UBS Group AG headquarters in Zurich.
Photographer: Angel Garcia/Bloomberg

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By Patrick Winters and Marion Halftermeyer

May 8, 2020 at 9:32 AM UTC

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UBS Group AG is offering some of its wealthiest clients in Switzerland a temporary break from negative interest rates in a bid to attract assets as the coronavirus crisis wreaks havoc on markets.