1 hour, 56 minutes ago WASHINGTON (Reuters) - Swiss bank UBS AG (UBSN.VX) will discontinue offshore banking and securities services to U.S. residents through its branches, a UBS executive said on Thursday at a congressional hearing on offshore tax havens.Mark Branson, chief financial officer for UBS Global Wealth Management and Business Banking, told a Senate subcommittee the bank was also working with the U.S. government to identify U.S. clients who may have engaged in tax fraud.
"Client identity is generally protected from disclosure under Swiss law," Branson said.
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