The Swiss bank UBS AG has uncovered cases of tax fraud by some of its U.S. clients, Chairman Peter Kurer said Thursday.
UBS examined its files as a result of investigations by the U.S.
Justice Department and others into cross-border services the bank provides to American clients, Kurer told shareholders.
'Our investigations have uncovered a limited number of cases of tax fraud under both U.S. and Swiss law,' he said.
He gave no further details.