UBS

An accountant millionaire has pleaded guilty to filing a false tax return, making him the first US citizen to face criminal charges stemming from Swiss UBS records controversially procured by the US federal government.

Criminals are increasingly using soccer for money laundering and tax evasion, helped by the globalisation of the sport and financial needs of clubs, an anti-corruption body says.

UBS would be forced to break Swiss criminal law if it gave America's tax authorities the names of potential tax evaders, the Swiss bank warned today.

Abbey, which is controlled by Spanish banking juggernaut Santander, has hired the advisory firm Gleacher Shacklock to dispose of its Isle of Man offshore banking unit.

UBS has hired Oswald Gruebel, former head of Credit Suisse, as its new chief executive.

Swiss bank UBS will relay details of American account-holders to the US Government in a bid to quash allegations of aiding tax avoidance, according to The Times.

UBS Global Asset Management will launch its US Growth fund on 10 November.

Swiss giant UBS has announced it will split its business divisions into three separate units as the bank recorded another $5.1bn write-down in the second quarter.

Bridgewater Associates has issued a severe warning to global financial institutions, predicting global credit crisis losses will hit $1.6trn.

UBS Global Asset Management has made three of its funds available on Fidelity's FundsNetwork platform.