UBS to stop offshore banking for US residents...

Swiss bank UBS says it will no longer provide offshore banking and securities services to residents of the United States through its branches in Switzerland.

Testifying before a congressional hearing, Mark Branson, chief financial officer for UBS global wealth management and business banking, added that UBS was working with the US government to identify US clients who may have engaged in tax fraud.

Branson was one of two UBS executives who appeared before the Senate subcommittee in Washington on Thursday. The bank is being probed by the US tax authorities after a former employee admitted aiding tax evasion.

He said that while the bank was winding down the business of providing offshore banking and securities services to US residents, there would be "no new accounts opened". More...

See also: U.S. super-rich and Swiss bank UBS in murky waters...

And this: Laxmi Das, the Indian beggar who has opened a bank account. Wow!