UBS stops staff from seeing clients abroad

Switzerlands embattled bank UBS has banned wealth management advisors from making business trips abroad to see foreign clients,a spokeswoman for the bank said on Sunday. Swiss media reported that about 1,000 UBS staff were ordered in the past week to rely on e-mail or telephone contacts with clients abroad,amid fears that they might fall foul of a tax crackdown by foreign regulators.

I can confirm there is a travel ban for client-facing wealth management staff, UBS spokeswoman Eveline Mueller said. Mueller said the suspension would remain in place at least while the review of the complex international regulatory environment was under way. She declined to give further details. The review was understood to be international in scope.