UBS Plans Higher Fees to Push Rich Clients Out of Costly Cash
- Weath clients with 500,000 francs or less to face new charges
- UBS urging customers to put more money into investments
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UBS Group AG plans to increase charges for international wealth management clients located abroad and holding deposits in Switzerland, broadening its efforts to reduce costly cash holdings as negative interest rates persist.
Starting next year, the bank will charge wealth clients who don’t live in Switzerland 330 Swiss francs ($360) a month for holding cash deposits of 500,000 francs or less, according to a pricing list published on its website. Previously, the bank was charging clients about that amount for the year, a person familiar with the pricing details said.