Which banks will get new foreign-currency accounts?
A wave of foreign-account restrictions is forcing some banks to close branches in the United States, where the government is restricting transactions with U.S. banks.
Banks that are closing are those that hold less than $5 billion in U.K. reserves.
Some are also cutting back on their services in the U.T.O. because of the UBS crackdown.
Bank of America, Citigroup and JPMorgan Chase all closed their U.KY branch last month.
The U.N. is warning that the UTS ban could cost more than $4 billion in the bank’s European operations.
The International Monetary Fund said in a report Thursday that the global U.TR ban is set to hit some banks hard.
UBS said it plans to cut 2,000 employees and slash 5,000 jobs in the European Union and its Asian partners.
Bankers in Switzerland have also reported delays in issuing U.BS notes.
U.G. bank UBS and Deutsche Bank said they were suspending all business in the Middle East and Europe.