But the bank also has been under fire on other fronts. In 2008, it was forced to seek a bailout from the Swiss government when it was hard hit by the financial crisis and its fixed-income unit had more than $50 billion in losses.
UBS is one of several global banks being investigated in the U.S. and other countries for alleged rigging of benchmark interest rates known as Libor, or London Interbank Offered Rate. In April, Mr. Ermotti said Switzerland’s tax disputes with the United States and some European nations are “an economic war” putting 20,000 jobs at risk.
Switzerland has been trying to shed its image as a tax haven, signing deals with the United States, Germany and Britain to provide greater assistance to foreign tax authorities seeking information on their citizens’ accounts in the Alpine nation.
But the tax agreements have drawn fire from Switzerland’s nationalist People’s Party, which won more than a quarter of the vote in last year’s general election, with some lawmakers saying they will try to block the treaties through referendums.
'Your papers, please' must never be heard in America
Independent voices from the TWT Communities
A mother of three and a passionate conservative, Shirley Husar changes the game.
Political satirist and Christian apologist Bob Siegel discusses religion and politics.
Benghazi: The anatomy of a scandal
Vietnam Memorial adds four names
Cinco de Mayo on the Mall