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.