UBS Watches Wealthy Clients Walk as Swiss Secrecy Wobbles


Continuing pressure on UBS (UBS) from the U.S., Italy, France, Germany and the Netherlands to reveal information about its tax-evading account holders has taken a toll on the Swiss bank's holdings. With fear rising that the bank's promise of secrecy may not stand much longer, UBS's wealthy private banking clients pulled 33.2 billion francs ($31.13 billion) out of the institution in the fourth quarter of 2009. That's up from an outflow of 16.8 billion francs ($15.75 billion) in the third quarter.