UBS AG Friday formally cut ties to top private banker Raoul Weil, who had been suspended as he faces U.S. federal grand jury charges.
“UBS and Mr. Weil have agreed that Mr. Weil will leave the bank so that he can focus fully on defending his case. He does not work for UBS anymore,” bank spokesman Serge Steiner said.
Asked about when Weil will leave or terms of his departure, Steiner declined to comment. “We will report the terms of Mr. Weil’s separation as appropriate under stock exchange disclosure rules,” he said.
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