UBS Boss Ralph Hamers Addresses Money Laundering Probe

The Swiss wealth manager's new boss is sweating out a Dutch probe into money laundering at the bank he ran for seven years, ING.

Shortly into his tenure running UBS, Ralph Hamers was hit with the reopening of a Dutch probe into money laundering at ING settled in 2018. Hamers addressed the issue, which imperils his tenure at UBS, for the first time on Tuesday.

I've always acted in good conscience during my time at ING, and therefore I have full confidence in a good outcome of this case, he told Swiss broadcaster SRF (in German). Hamers said he will fully cooperate with Dutch authorities.

You can be rest assured that I am fully focused on my work as CEO of UBS, Hamers said. He appeared publicly to investors for the first time on Tuesday when UBS reported a quarterly profit surge.