Wednesday, May 28, 2008


UBS worried:

ZURICH (Thomson Financial) - UBS has told members of its former private banking team responsible for rich US clients not to travel to America, the Financial Times reported.

The Swiss bank has also made lawyers available to the more than 50 bankers involved, many of whom have left UBS (nyse: UBS - news - people ) since it decided last November to wind down its cross-border private banking business for US customers.

UBS' travel restrictions suggest it is concerned that investigations into the bank by the US Department of Justice and the Securities and Exchange Commission may widen, the newspaper added.

Maybe Phil Gramm should stay away, too.