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UBS expects outflows by euro deposit-holders: CFO

Kirt Gardner, chief financial officer of UBS Group AG, said the Swiss bank expects net outflows in the range of CHF 3 billion to CHF 3.5 billion because of its move to charge euro deposit-holders, Reuters reported June 8.

"Those net outflows will be accretive to the business overall, but might show up as an impairment to net new money," Gardner said, addressing the Goldman Sachs European financials conference. He described clients with large concentrations of euro deposits as "economic loss-makers for us."

Last month, UBS said it would start charging clients with deposits exceeding €1 million a penalty rate of 0.6% in a move to counteract the ECB's low-interest-rate policy.