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UBS: No More Offshore Banking for Americans

UBS is no longer providing offshore banking and securities services to U.S. residents through its branches in Switzerland, the bank says, responding to accusations it helped wealth Americans avoid paying taxes when setting up accounts there.

Mark Branson, chief financial officer of UBS Global Wealth Management and Business Banking, told the Senate subcommittee on investigations it now provides such services to U.S. residents only through companies licensed here.

The bank also is working "to identify the names of U.S. clients who may have engaged in tax fraud," Branson said. While Swiss law protects client identity, he said, such protections do not apply in matters relating to tax fraud.