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  • March 2011 (Revised December 2019)
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Wealth Management Crisis at UBS (A)

By: Paul M. Healy
  • Format:Print
  • | Language:English
  • | Pages:18
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Abstract

The case describes the challenges that UBS faced as a result of the U.S. Department of Justice (DOJ) investigation for tax fraud, that claimed that UBS had helped some 52,000 U.S. residents hide billions of dollars in untaxed assets in secret Swiss accounts between 2000 and 2007, depriving the U.S. Treasury of hundreds of millions of dollars in taxes. Why did this happen inside UBS? What were the incentives and the corporate governance failures that led to these events? How should the board of directors of UBS respond to the requests of the tax and regulatory authorities?

Keywords

Fraud; Regulatory Enforcement; Reputation Incentives; Crony Capitalism; Tax Havens; Legitimacy; Multinational; Strategic Change; Incentives; Transparency; Financial Services; Taxation; Crime and Corruption; Global Range; Asset Management; Ethics; Problems and Challenges; Governing Rules, Regulations, and Reforms; Corporate Governance; Financial Services Industry; United States; Switzerland

Citation

Healy, Paul M., George Serafeim, and David Lane. "Wealth Management Crisis at UBS (A)." Harvard Business School Case 111-082, March 2011. (Revised December 2019.)
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About The Author

Paul M. Healy

Accounting and Management
→More Publications

More from the Author

    • January 2022
    • Industrial & Labor Relations Review

    Determinants of Gender Differences in Change in Pay among Job-Switching Executives

    By: Boris Groysberg, Paul M. Healy and Eric Lin
    • November 2021
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    Hitting Home: Amazon and Mary's Place

    By: Paul M. Healy, Debora L. Spar and Amy Klopfenstein
    • October 2021
    • Management Science

    Directors' Perceptions of Board Effectiveness and Internal Operations

    By: J. Yo-Jud Cheng, Boris Groysberg, Paul M. Healy and Rajesh Vijayaraghavan
More from the Author
  • Determinants of Gender Differences in Change in Pay among Job-Switching Executives By: Boris Groysberg, Paul M. Healy and Eric Lin
  • Hitting Home: Amazon and Mary's Place By: Paul M. Healy, Debora L. Spar and Amy Klopfenstein
  • Directors' Perceptions of Board Effectiveness and Internal Operations By: J. Yo-Jud Cheng, Boris Groysberg, Paul M. Healy and Rajesh Vijayaraghavan
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