Zurich (awp) – The banking giant UBS will be able to continue to manage pension funds in the United States. The US Department of Labor has granted a waiver to the Swiss bank, according to information reported Thursday by the Reuters news agency.
UBS retains its status as a qualified professional wealth manager in the United States until June 2029, documents show. The exemption would apply retroactively from June 2023. The Swiss banking group needs this exemption because it has been convicted in recent years, notably for market manipulation or tax evasion in France.
A group of tax activists recently pledged to exclude UBS from the U.S. pension market. This is due to the numerous crimes committed by the Swiss bank and Credit Suisse over the past decades, it is reported.
When contacted, neither UBS nor the US Department of Labor responded to the request for comment.
-ra/uh/ib/rp
Swiss
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