Economy of Switzerland
Top of the Hour: UBS Faces Serious Consequences For Rogue Trades, Morning Headlines
The reported $2 billion loss that Swiss bank UBS has incurred due to a rogue trader who was arrested yesterday may cause the bank to suffer a large scale downgrade. The bank is readying a major restructuring to be announced later this year, which could spell the end of UBS’s investment banking business.
Swiss banks under pressure
Swiss banks are under fire as the US Justice Department demands the names of 52,000 Americans holding secret accounts. Its part of a wide-ranging probe to catch tax evaders but it is also putting enormous pressure on one already troubled Swiss bank: UBS. The World’s Gerry Hadden reports.