Report - 10 UBS offices searched

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Prosecutors have searched 10 offices of UBS in Germany in connection with an ongoing probe of tax avoidance by the Swiss bank's German clients, the state prosecutor in Bochum said on Friday.

'We are investigating 750 cases involving foundations', lead prosecutor Bernd Bieniossek told Reuters.

UBS confirmed the searches, which had been reported earlier by the Wall Street Journal Deutschland, but said they dated back to a probe started in 2012 rather than a new investigation.

The bank has said that it had taken steps to ensure all its clients in Germany complied with tax rules and said it was confident this would be reached by the end of 2014 at the latest.

Finally, The Wall Street Journal reports that UBS has landed a new managing director in equity-capital markets covering the hot area of natural resources.

Paul Bjorneby, lately of Barclays, will be head of natural resources, ECM Americas come October. He will be based in New York and report to James Palmer, the head of all ECM in the Americas, according to a memo seen by MoneyBeat.

UBS German offices searched in client tax probe

UBS Hires Paul Bjorneby as Head of Natural Resources ECM in Americas (subscriber content)

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