ZURICH, June 8 UBS expects to see 3-3.5
billion Swiss francs ($3.10-3.62 billion) of net outflows from
charging wealthy clients holding money in euros, Chief Financial
Officer Kirt Gardner said on Thursday.
"Clients that have large concentrations of euro deposits are
economic loss-makers for us. We are pricing all of our wealth
management euro deposit-holders, that will result in 3-3.5
billion of net outflows," Gardner said while speaking at the
Goldman Sachs European financials conference.
"Those net outflows will be accretive to the business
overall, but might show up as an impairment to net new money."
The world's biggest wealth manager said in March it would in
May begin imposing a 0.6 percent penalty charge on accounts with
more than 1 million euros ($1.1 million) in response to the
European Central Bank's ultra-low rates.
($1 = 0.8908 euros)
($1 = 0.9668 Swiss francs)
(Reporting by Brenna Hughes Neghaiwi; Editing by Michael