UBS’ profits rise, probed over trading system
GENEVA – Switzerland’s biggest bank, UBS, reported Tuesday a 15 percent rise in second-quarter profit, driven by its core wealth management business, and disclosed it was part of a group of financial companies being investigated over alternative trading systems called “dark pools.”
UBS AG said its net profit for the April-June period rose to 792 million Swiss francs ($876 million) from 690 million francs in the comparable period in 2013. Shares in UBS slid 1.81 percent to close at 16.32 francs in Zurich trading Tuesday. The Zurich-based bank also said it had settled an investigation in Germany of charges that the bank aided German clients suspected of evading taxes. UBS made a payment of about 300 million euros ($403 million) to put the case to rest, one of a number that it and other Swiss banks have been facing from U.S. and other foreign tax authorities hunting down suspected tax cheats.