UBS - CEO Ermotti moving out

Sergio Ermotti

It's all happening in Zurich.

Reuters reports that UBS will spend more than $105.42m on a facelift of its Zurich headquarters, hoping to turn the building into a buzzing retail area on one of Europe's most exclusive shopping streets.

'We are setting an attractive urban accent in the middle of Zurich and we see this as a further commitment to our home market', UBS's operating chief Ulrich Koerner said in a statement.

During the renovation, roughly 650 UBS bankers including CEO Sergio Ermotti will move from the Bahnhofstrasse site, between luxury boutiques Chanel and Cartier, to other office space the Swiss bank owns nearby.

In the meantime, the news agency also reports that an internal review by UBS's French unit into allegations that it sold products designed to evade taxes has yet to find evidence of law-breaking, the Swiss bank's French chief told Reuters on Friday.

Putting a positive spin on UBS France's financial health and downplaying the impact of an ongoing tax probe by the French authorities, Jean-Frederic de Leusse told Reuters the bank had shed jobs, tightened risk controls and was targeting market-share gains at its wealth-management business.

UBS plans 100 mln Sfr revamp of Zurich HQ

UBS France CEO eyes growth despite tax probe

image: © UBS

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