
Switzerland has vowed to prevent UBS from handing over client information to U.S authorities, in an attempt to defend bank secrecy, saying a tax case targeting its main bank is souring diplomatic ties.
UBS said it is still committed to its U.S. brokerage business, after the Financial Times on Sunday reported the chief executive now favoured a management shake up instead of a sale.
Goldman Sachs raised British bank Lloyds Banking Group to "buy" from "neutral," adding it to its conviction buy list, the bank said in a research note quoted by Reuters. Lloyds shared have topped the FTSE index Monday, rising nearly 7%.
Switzerland's UBS is to pay up to $4.62 billion in the next two weeks to settle a U.S. tax probe into the bank, Swiss newspaper Sonntag reports.
