UBS Facing $6.3 Billion Penalty In France Over Tax Probe: Report

UBS AG is facing a penalty of up to $6.3 billion over allegations it helped wealthy customers in France avoid taxes, according to Swiss newspaper Le Temps. A French court conducting the investigation has already asked the Swiss bank to make a deposit of $1.4 billion towards a potential fine in the case. The bank has denied allegations of assisting tax evasion and money laundering in France. UBS hit back at regulators over the amount of the fine, saying "the base for any calculations in this matter are completely artificial, speculative and not based on facts." UBS shares were down 2.62% in premarket trading.