UBS shares at a low amid tax-probe fears

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Washington has been vigorously pursuing the bank over advice and help it gave American citizens to evade US taxes.

UBS agreed last week to pay a fine of $780 million (£537 million) and disclose the identities of about 300 of its US clients - ending Switzerland's fabled reputation for banking secrecy but averting criminal charges.

The bank had hoped that might put an end to the probe but US tax authorities then said they would still be issuing a summons to force UBS to give details of a further 52,000 American citizens allegedly hiding almost $15 billion in secret Swiss bank accounts.

A US judge last night scheduled a trial for the lawsuit for 13 July. Washington says the 52,000 secret accounts have assets totalling about $14.8 billion.

UBS shares tumbled to Swfr9.36, down more than 6% on the day.