Banks, Ubs | featured news

Swiss bank UBS AG "systematically and deliberately" violated U.S. law by dispatching private bankers to recruit wealthy Americans interested in evading taxes and must be forced to reveal the identities of 52,000 of those clients, the Justice Department said in a court filing Tuesday.

UBS AG says it expects a first quarter loss of nearly 2 billion Swiss francs ($1.75 billion) and that will cut 8,700 jobs by the end of next year.

Banking giant UBS has agreed to pay $780 million and turn over once-secret Swiss banking records to settle allegations it conspired to defraud the U.S. government of taxes owed by thousands of American clients.