Super Rich in sight at UBS

- The Swiss bank UBS is considering super rich clients to impose a penalty interest for holding too much cash, as chief executive Sergio Ermotti announced at a shareholders meeting in Basel.

According to this scenario Ermotti comes closer because of the effects of negative interest rates that the Swiss banking heavily on the stomach, reports the FD.

There are also plans for UBS to let the free service to customers of banks due in the future, and to charge a fee.

The Swiss bank was exposed earlier this month with the buttocks after the profit for the first quarter was partly scuttled because of the troubled situation in the financial markets at the beginning of this year.