UBS

A French unit of the Swiss lender is accused of sidelining and slashing the bonus of a former auditor who was penning a report on potentially unlawful behavior.

UBS Group AG was asked by a powerful U.S. lawmaker about whether the bank it acquired, Credit Suisse Group, failed to report an American accused of evading taxes on $350 million in income.

A former auditor, Nicolas Forissier was made a "chevalier" — or knight — of France's National Order of Merit during a ceremony at the Senate in Paris.

The audit fee for the combined group is expected to be less than the sum of the standalone audits, but would still be one of the highest in global banking.

Employees in investment consulting, compliance, legal and audit would worry over their jobs, given duplications with UBS.

Cracks are forming in the trajectory of profits, and just as worryingly in the makeup of the profits themselves.

The whistleblower may be getting closer to forcing French authorities to compensate her for helping uncover about $10.2 billion taxpayers stashed away in Swiss bank accounts.

The bank has already won a significant reduction of its previous penalties.

A French court of appeals upheld a 2019 finding that the bank had illegally helped clients hide money, but levied less than half the original penalty.

A former UBS Group AG executive who is trying to reverse a conviction at a landmark tax trial couldn’t remember the assets managed by his team focusing on French clients out of Switzerland.