UBS Lays Out Employee Ethics Code

UBS AG Tuesday issued an employee code explicitly banning staff from helping clients cheat on their taxes, as part of the Swiss bank's effort to restore its reputation after a messy U.S. probe into hidden offshore accounts. "We do not provide assistance to clients or colleagues in acts aimed at deceiving tax authorities," according to the code, which is prefaced with remarks from UBS Chairman Kaspar Villiger and Chief Executive Oswald Grübel. The code, which also addresses issues such as financial crime, competition, confidentiality and diversity, is meant as a response to wrongdoing in UBS's U.S. offshore arm, which has since been shuttered.

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