UBS reels as B of A takes top spot in wealth management

UBS AG (UBS), the once-proud symbol of the Swiss banking system, is reeling.

The Zurich-based company, which has been on the hot seat with the IRS for allegedly helping wealthy Americans evade taxes and had to pay a $780 million penalty, is now watching its wealth management business erode. According to the Financial Times, Bank of America Corp. (BAC) has now overtaken UBS in the business of helping the rich stay rich, thanks to the Charlotte, North Carolina-based bank's disastrous acquisition of Merrill Lynch.