UBS Resolves Tax Matter with DOJ, Faces $511M Payout

UBS Group AG will pay $511 million to resolve a tax matter with the U.S. Department of Justice. The company was not involved in the original conduct and maintains a strict policy against tax evasion. A financial adjustment related to Credit Suisse is anticipated in 2025.

UBS Group AG has agreed to settle a long-standing tax matter with the U.S. Department of Justice by paying $511 million. The resolution stems from issues involving Credit Suisse Services AG.

UBS emphasizes its non-involvement in the original conduct leading to the charges and upholds a zero-tolerance policy for tax evasion. In a related update, UBS forecasts recognizing a credit in the second quarter of 2025, tied to the partial release of a contingent liability from its acquisition of Credit Suisse.

Despite the hefty settlement, UBS is poised to record a charge in the second quarter, highlighting the financial impacts of resolving this tax issue. The comprehensive resolution aims to clear past liabilities and enable focused forward growth.

(With inputs from agencies.)