UBS private bank boss Juerg Zeltner told Reuters in an interview on Tuesday that 'we do not help clients to evade taxes and we clearly don't support clients in circumventing bilateral tax agreements, including the one with Germany'.
In the meantime, Bloomberg reports that JPMorgan Chase will allow customers to house excess swaps and futures collateral in a separate bank account as it seeks to reassure investors after losses at MF Global and Peregrine Financial.
The new service will allow clients to automatically aggregate excess margin at JPMorgan., the firm’s insured deposit-taking unit, Emily Portney, head of agency clearing, collateral and execution at the New York-based bank, said in a telephone interview.
'It’s certainly in response to client queries and more emphasis on safekeeping of client money', Portney said. 'The key is safety, operational efficiency and more choice for clients' in how their funds are protected and invested, Portney said.
Finally, Reuters reports that Deloitte Chief Executive Joe Echevarria on Monday fought back against allegations that his firm helped Standard Chartered hide transactions with Iran, saying charges by the top New York state banking regulator were 'distortions of the facts'.