64 billion) were uk canada goose outlet at risk from changes in

Tax deals to cost UBS 10 percent European client assets

Switzerland largest bank, which confirmed ambitious medium term goals on Tuesday, said up to 40 billion Swiss francs ($41.64 billion) were uk canada goose outlet at risk from changes in tax regulations.Following Swiss government agreements with Britain and Germany to clean up untaxed accounts and with other large neighbors expected to follow suit, UBS faces demands for clients unpaid tax and canada goose uk outlet the possibility of more clients withdrawing canada goose money from offshore accounts.UBS said clients from canada goose store Austria, Britain, France, Germany and Italy had already withdrawn 20 billion Swiss francs ($21 billion) from offshore accounts in the past buy canada goose jacket 12 months, according to slides for a presentation at an investor day in London.believe that 15 40 billion (francs) are canada goose black friday sale still at Canada Goose Online risk as a result of changes in tax regulations, said Juerg Zeltner, head of UBS wealth management, adding UBS Canada Goose Parka had uk canada goose 320 billion of invested client Canada Goose Coats On Sale assets canada goose coats in canada goose uk black friday Europe at end September.Angered that secret Swiss accounts were used to dodge taxes, Switzerland neighbors have sought to break through its bank secrecy by buying stolen client data, souring relations.40 billion francs at risk figure is just 5 percent of total assets under management and the sort of amount they were losing per quarter in 2008 and they could easily survive such a canadian goose jacket loss, said Helvea analyst Peter Thorne.UBS remained on track to reach an annual pretax profit of 15 billion francs by 2014 at canada goose factory sale the latest, the bank said, despite a shock third quarter investment banking loss due cheap canada goose uk to low client activity after UBS cut Canada Goose sale risky, but potentially, lucrative proprietary trading.Investment bank head Carsten Kengeter told the investor day UBS was well placed to benefit from an upturn in client Canada Goose online activity after hiring new staff, though trading growth would also mean more risk.TAX PRESSURE Switzerland agreed last month with canada goose clearance Germany and Britain to resolve the issue of untaxed accounts and to introduce a withholding tax on future deposits. It is expected to seal similar deals with other European nations.can cope with the European situation because we are very well positioned in Asia Pacific, emerging markets and the ultra high net worth segment, which are growth areas, said spokesman Christoph Meier at UBS, the top private bank in these buy canada goose jacket cheap markets.UBS said last month that inflows from Asian and super rich clients helped it stop bleeding client money for the first time since early 2008, a key turnaround goal.Chief Executive Oswald Gruebel told the investor day he expected net new money to continue improving, canada goose clearance sale although the bank had some way to go before it sees consistent inflows.Julius Baer, Switzerland biggest listed pure play wealth manager, said last week that growth in emerging markets would more than compensate for any hits to its client assets resulting from new European tax deals.The larger Swiss banks have canada goose uk shop invested heavily to capture booming wealth in Asia cheap Canada Goose and other growth markets as well as building up canada goose coats on sale onshore as a clampdown on tax havens has put the brakes on their traditional European offshore markets.After a sharp fall during the crisis, shares in UBS have gained around 5 percent so far this year, versus a 19 percent fall in Credit Suisse and a 6 percent dip in the sector index.However, shareholders will have to wait for UBS to start returning profits. Chief Financial Officer John Cryan reiterated on Tuesday the bank does not Canada Goose Outlet expect 2018 canada goose to pay dividends for some time to come as it Canada Goose Jackets https://www.arconserve.ca uses retained earnings to meet stricter capital regulations.