UBS shares plunged Wednesday after a report the U.S. Department of Justice has stepped up its scrutiny into suspected compliance failures that helped Russian clients evade sanctions.
Trading in Switzerland's biggest lender, which took over Credit Suisse early this year, was temporarily halted after its shares slumped nearly 8% after the story reported by Bloomberg News. The alleged failures related to UBS and Credit Suisse, Bloomberg reported.
UBS declined to comment to Reuters.
When trading resumed, its shares were 4% lower shortly afterwards.
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