Higher op risk charge follows UBS tax fraud verdict

UBS was hit with a higher operational risk capital charge in the first quarter after been found guilty by a French court of laundering client funds.

In February, the bank was fined €3.7 billion ($4.1 billion) and forced to award damages of €800 million to the French state for funnelling wealthy customers' assets into Swiss accounts and out of the reach of tax authorities. UBS is appealing the decision.

The loss was fed into UBS's op risk model for setting capital requirements, resulting in a $2

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