NEW YORK (MarketWatch) -- Former Credit Suisse Group AG CS -0.13% banker Andreas Bachmann has pleaded guilty to authorities for helping Americans hide money in Switzerland, according to a report in The Wall Street Journal. Bachmann has admitted to one count of fraud after surrendering to authorities as part of his plea deal and could face up to five years in jail. The former banker is said to be cooperating with the U.S. government as it investigates banks and their employees that have aided Americans in tax evasion. U.S. law enforcement has had a challenge in its investigation as many bankers have been residing overseas, out of reach. Bachmann has agreed not to leave the Washington, D.C.
Result over Expectations and Dividend up to 0.25 chf (0.15)
The U.S. investment bank Goldman Sachs has raised its target price for UBS before the number template of 20.70 to CHF 21.10 and the classification to "Buy". Analyst Jernej Omahen expects in an industry study presented on Tuesday with European investment banks with a weaker trend in bonds, currencies and commodities (FICC). The focus lies on the otherwise sharp rise in provisions for litigation. Omahen preferred UBS as a single value with a buy recommendation. / Ag / men