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ZURICH Sept 27 (Reuters) – UBS (UBSG.S) shares plunged on Wednesday after a report the U.S. Department of Justice has stepped up its scrutiny into suspected compliance failures that helped Russian clients evade sanctions.
Trading in Switzerland’s biggest lender, which took over Credit Suisse early this year, was temporarily halted after its shares slumped nearly 8% after the story reported by Bloomberg News. The alleged failures related to UBS and Credit Suisse, Bloomberg reported.
UBS declined to comment to Reuters.
When trading resumed, its shares were 4% lower shortly afterwards.
(This story has been refiled to fix a typo in the headline)
Reporting by Shivani Tanna in Bengaluru and John Revill in Zurich; Editing by Krishna Chandra Eluri and Emelia Sithole-Matarise
Our Standards: The Thomson Reuters Trust Principles.
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