Days this week in the stock market: UBS shares in early trading under pressure – Neue Zürcher Zeitung

Days this week in the stock market: UBS shares in early trading under pressure – Neue Zürcher Zeitung

ti. media reports that UBS must pay a fine of several billion in France for tax and money laundering offenses in cross-border wealth management business, the shares of the big banks have a transient load. Shortly after the start of trading broke the title by 3.2% on a Tagestiefst of CHF 15.80, but were able to make up ground later in the day and closed at Fri 16:18 or 0.86% below the previous day’s.

French pettifogging

The Paris correspondent of the newspaper “Le Temps” had reported from documents of the French investigating authorities, it is apparent that UBS if convicted with a fine of up to € 5 billion and 6 billion Fr . could be occupied. Recently, an appeals court dismissed the appeal of the big bank to a deposit required by the Paris prosecutor Security for costs of € 1.1 billion.

In a statement, the UBS of bandied billion buses denies any evidence-based foundation and notes that no process has been opened and the burden of proof in the French prosecutors is. Regardless she wants to put this matter with all available means to fight back. This is all the more understandable, as a well-developed extra-judicial agreement between the Bank and the French authorities, which provided for a fine of € 100 million under, was torpedoed at the last moment by the French Treasury. Market observers have been of a fine of 200 million to € 300 million. To create the contaminated sites in the twice as large for them offshore market Germany from the world, UBS had paid € 302 million. This magnitude is in stark contrast to that of “Le Temps” spread billions.

Contaminated and no end

While UBS has returned from an operational point long ago to its former strength, make your create contaminated sites from the pre-crisis still going strong. And this, although the bank has been paid according to a survey by Morgan Stanley already buses totaling $ 6.1 billion. The study expects the UBS with a total load of $ 11.4 billion. The top-ranked Barclays with fines of $ 64 billion so far, and an expected total load of $ 67.8 billion.