UBS Drops on Report of Potential $6.2 Billion Fine in France
This article is for subscribers only.
UBS AG fell in Zurich trading after a Swiss newspaper reported the bank may be facing a fine of as much as 4.9 billion euros ($6.2 billion) in a French probe of allegations it helped clients evade taxes.
Switzerland’s biggest bank dropped as much as 3.2 percent, the most since May, and was 1.5 percent lower as of 11:47 a.m. in Zurich trading. Le Temps newspaper said the 1.1 billion-euro bail the bank paid earlier this week is only a fraction of the potential fine, citing a document written by the investigative judges leading the case.