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Two UBS Bankers Cleared, Three Get Fines Cut in Tax Appeal

  • Swiss bank had penalty cut by more than half to $2 billion
  • All six bankers and UBS have denied wrongdoing in French case
Bloomberg business news
WATCH: UBS’s penalty for tax fraud has been slashed by more than half by a Paris appeals court.Source: Bloomberg
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A clutch of ex-UBS Group AG bankers had their punishments cut on appeal as a Paris court slashed the penalty the Swiss bank had to pay for helping wealthy French citizens hide their money.

UBS was accused of sending Swiss bankers across the border to illegally seek out new clients and of providing services to launder money French residents hadn’t declared to the tax man. The parent bank was ordered in 2019 to pay 4.5 billion euros ($5.1 billion) but on Monday, the penalty was cut to 1.8 billion euros. Similarly, the French UBS unit’s penalty was cut to 1.875 million euros from 15 million euros two years ago.