CEO Olaf Swantee and chairman Peter Kurer (R) of Swiss telecom company Sunrise attend the annual shareholder meeting in Zurich, Switzerland April 10, 2019. REUTERS/Arnd Wiegmann

Peter Kurer, Chairman of Swiss telecom company Sunrise, addresses the annual shareholder meeting in Zurich, Switzerland April 10, 2019. REUTERS/Arnd Wiegmann

Peter Kurer, Chairman of Swiss telecom company Sunrise, addresses the annual shareholder meeting in Zurich, Switzerland April 10, 2019. REUTERS/Arnd Wiegmann

Peter Kurer, Chairman of Swiss telecom company Sunrise, addresses the annual shareholder meeting in Zurich, Switzerland April 10, 2019. REUTERS/Arnd Wiegmann

Swiss bank UBS group's general counsel Peter Kurer adjusts his glasses as he attends the extraordinary general meeting of the bank in Basel in this February 27, 2008 file photo. Investors the world over breathed a sigh of relief on October 16, 2008 when the Swiss government rescued UBS. But unbeknownst to them at the time, the bank faced a potentially devastating crisis on a very different front. Kevin Downing, the U.S. Department of Justice Tax Division Attorney who had been investigating UBS since the middle of 2008, wanted the bank to disclose names of U.S. tax evaders as a condition for a settlement. That put UBS in the nightmarish position of either breaching nearly a century of Swiss bank secrecy or risking indictment in the United States. Picture taken February 27, 2008. To match Special Report BANKS/UBS REUTERS/Pascal Lauener/Files (SWITZERLAND - Tags: BUSINESS CRIME LAW)

Swiss bank UBS Chairman of the Board of Directors Peter Kurer (R) and Chief Executive Officer Marcel Rohner attend the half-year results news conference in Zurich in this August 12, 2008 file photo. Investors the world over breathed a sigh of relief on October 16, 2008 when the Swiss government rescued UBS. But unbeknownst to them at the time, the bank faced a potentially devastating crisis on a very different front. Kevin Downing, the U.S. Department of Justice Tax Division Attorney who had been investigating UBS since the middle of 2008, wanted the bank to disclose names of U.S. tax evaders as a condition for a settlement. That put UBS in the nightmarish position of either breaching nearly a century of Swiss bank secrecy or risking indictment in the United States. Picture taken August 12, 2008. To match Special Report BANKS/UBS REUTERS/Christian Hartmann/Files (SWITZERLAND - Tags: BUSINESS CRIME LAW)

Social Democrats Party (SPS) President Christian Leuvrat (L) posts a letter of complaint about an offence by UBS chairman Marcel Ospel and former chairman Peter Kurer, at the central post office in Bern August 14, 2009. REUTERS/Ruben Sprich (SWITZERLAND POLITICS)

Social Democrats Party (SPS) President Christian Leuvrat (R) posts a letter of complaint about an offence by UBS chairman Marcel Ospel and former chairman Peter Kurer, at the central post office in Bern August 14, 2009. REUTERS/Ruben Sprich (SWITZERLAND POLITICS)

Swiss bank UBS outgoing chairman Peter Kurer leaves after the general shareholders meeting in Zurich April 15, 2009. UBS AG will cut 11 percent of staff as it trys to stem losses and client withdrawals, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Arnd Wiegmann (SWITZERLAND)

Swiss bank UBS outgoing chairman Peter Kurer (R) and CEO Oswald Gruebel attend the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future.
REUTERS/Christian Hartmann (SWITZERLAND BUSINESS)

Swiss bank UBS outgoing chairman Peter Kurer is seen on a huge TV screen as he addresses the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. On left sits UBS CEO Oswald Gruebel. REUTERS/Arnd Wiegmann (SWITZERLAND BUSINESS)

Swiss bank UBS outgoing chairman Peter Kurer (L) walks beside as CEO Oswald Gruebel addresses the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Arnd Wiegmann (SWITZERLAND BUSINESS)

Swiss bank UBS outgoing chairman Peter Kurer addresses the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Arnd Wiegmann (SWITZERLAND BUSINESS)

Swiss bank UBS outgoing chairman Peter Kurer (R) checks his watch as CEO Oswald Gruebel sits beside ahead the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Arnd Wiegmann (SWITZERLAND BUSINESS IMAGES OF THE DAY)

Swiss bank UBS outgoing chairman Peter Kurer picks up his notes at the end of his speech during the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Christian Hartmann (SWITZERLAND BUSINESS HEADSHOT)

Swiss bank UBS outgoing chairman Peter Kurer (R) walks past CEO Oswald Gruebel ahead the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Arnd Wiegmann (SWITZERLAND BUSINESS)

Swiss bank UBS outgoing chairman Peter Kurer reacts prior the start of the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Christian Hartmann (SWITZERLAND BUSINESS)

Swiss bank UBS outgoing chairman Peter Kurer addresses his speech as he attends the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Christian Hartmann (SWITZERLAND BUSINESS HEADSHOT)

Swiss bank UBS outgoing chairman Peter Kurer addresses his speech as he attends the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Christian Hartmann (SWITZERLAND BUSINESS)

Swiss bank UBS outgoing chairman Peter Kurer addresses his speech as he attends the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Christian Hartmann (SWITZERLAND BUSINESS)

Swiss bank UBS outgoing chairman Peter Kurer checks notes prior the start of the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Christian Hartmann (SWITZERLAND BUSINESS)

Swiss bank UBS outgoing chairman Peter Kurer (R) and CEO Oswald Gruebel wait for the start of the general shareholders meeting in Zurich April 15, 2009. UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future. REUTERS/Christian Hartmann (SWITZERLAND BUSINESS)

Former UBS chairman Peter Kurer attends a media briefing in Zurich March 4, 2009. Kurer is stepping down after less than a year in the job and the beleaguered bank will nominate Former Swiss finance minister Kaspar Villiger to replace him. REUTERS/Miro Kuzmanovic (SWITZERLAND)

Former Swiss finance minister Kaspar Villiger (R) and former UBS chairman Peter Kurer attend a media briefing in Zurich March 4, 2009. Kurer is stepping down after less than a year in the job and the beleaguered bank will nominate Villiger to replace him. REUTERS/Miro Kuzmanovic (SWITZERLAND)

Sergio Marchionne, CEO of FIAT Group, attends a UBS media briefing in Zurich March 4, 2009. UBS chairman Peter Kurer is stepping down after less than a year in the job and the beleaguered bank will nominate Former Swiss finance minister Kaspar Villiger to replace him. REUTERS/Miro Kuzmanovic (SWITZERLAND)

Former Swiss finance minister Kaspar Villiger (R) and former UBS chairman Peter Kurer attend a media briefing in Zurich March 4, 2009. Kurer is stepping down after less than a year in the job and the beleaguered bank will nominate Villiger to replace him. REUTERS/Miro Kuzmanovic (SWITZERLAND)

Former Swiss finance minister Kaspar Villiger (R) and former UBS chairman Peter Kurer attend a media briefing in Zurich March 4, 2009. Kurer is stepping down after less than a year in the job and the beleaguered bank will nominate Villiger to replace him. REUTERS/Miro Kuzmanovic (SWITZERLAND)

Former Swiss finance minister Kaspar Villiger talks to the media after a media briefing in Zurich March 4, 2009. UBS chairman Peter Kurer is stepping down after less than a year in the job and the beleaguered bank will nominate Villiger to replace him. REUTERS/Miro Kuzmanovic (SWITZERLAND)

Former Swiss finance minister Kaspar Villiger talks to the media after a briefing in Zurich March 4, 2009. UBS chairman Peter Kurer is stepping down after less than a year in the job and the beleaguered bank will nominate Villiger to replace him. REUTERS/Miro Kuzmanovic (SWITZERLAND)

Former Swiss finance minister Kaspar Villiger (R) and former UBS chairman Peter Kurer attend a media briefing in Zurich March 4, 2009. Kurer is stepping down after less than a year in the job and the beleaguered bank will nominate Villiger to replace him. REUTERS/Miro Kuzmanovic (SWITZERLAND)

Former Swiss finance minister Kaspar Villiger attends a media briefing in Zurich March 4, 2009. UBS chairman Peter Kurer is stepping down after less than a year in the job and the beleaguered bank will nominate Villiger to replace him. REUTERS/Miro Kuzmanovic (SWITZERLAND)

Former Swiss finance minister Kaspar Villiger attends a media briefing in Zurich March 4, 2009. UBS chairman Peter Kurer is stepping down after less than a year in the job and the beleaguered bank will nominate Villiger to replace him. REUTERS/Miro Kuzmanovic (SWITZERLAND)

Former Swiss finance minister Kaspar Villiger attends a media briefing in Zurich March 4, 2009. UBS chairman Peter Kurer is stepping down after less than a year in the job and the beleaguered bank will nominate Villiger to replace him. REUTERS/Miro Kuzmanovic (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer gestures during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Arnd Wiegmann (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer watches during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Michael Buholzer (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer reacts during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Michael Buholzer (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer (2ndR) embraces Chief Executive Officer Marcel Rohner after an extraordinary shareholders meeting in Lucerne November 27, 2008. The picture shows from L to R: Group General Counsel Markus Diethelm, Rohner, Kurer and Company Secretary Luzius Cameron. REUTERS/Arnd Wiegmann (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer (R) reacts with Chief Executive Officer Marcel Rohner during an extraordinary shareholder meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Michael Buholzer (SWITZERLAND)

Chairman of the Board of Directors Peter Kurer (R) watches to a screen showing Christian Levrat, President of the Swiss Socialist Party speaking during an extraordinary shareholder meeting of the Swiss bank UBS in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Michael Buholzer (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer holds a speech during an extraordinary shareholder meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Michael Buholzer (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer gestures as he makes a speech during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Arnd Wiegmann (SWITZERLAND)

Christian Levrat, President of the Swiss Socialist Party is seen on a huge screen as he speaks during an extraordinary shareholders meeting of the Swiss bank UBS in Lucerne November 27, 2008. The picture shows from L to R: Chief Executive Officer Marcel Rohner, Group General Counsel Markus Diethelm, Chairman of the Board of Directors Peter Kurer. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Michael Buholzer (SWITZERLAND)

Christian Levrat, President of the Swiss Socialist Party is seen on a huge screen as he speaks during an extraordinary shareholders meeting of the Swiss bank UBS in Lucerne November 27, 2008. The picture shows from L to R: Chief Financial Officer John Cryan, Chief Executive Officer Marcel Rohner, Group General Counsel Markus Diethelm, Chairman of the Board of Directors Peter Kurer. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Michael Buholzer (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer is seen on a huge TV screen as Christian Levrat (front R), President of the Swiss Socialist Party makes a speech during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Arnd Wiegmann (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer (R) is seen on a huge TV screen as he makes a speech during an extraordinary shareholder meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. The picture shows from L to R: Chief Executive Officer Marcel Rohner, Group General Counsel Markus Diethelm, Company Secretary Luzius Cameron and Kurer. REUTERS/Arnd Wiegmann (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer holds a speech during an extraordinary shareholders meeting in Lucerne November 27, 2008. The picture shows from L to R: Chief Financial Officer John Cryan, Chief Executive Officer Marcel Rohner, Group General Counsel Markus Diethelm, Company Secretary Luzius Cameron and Chairman of the Board of Directors Peter Kurer. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Michael Buholzer (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer holds a speech during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Michael Buholzer (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer holds a speech during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Michael Buholzer (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer holds a speech during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Michael Buholzer (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer (L) listens to Chief Executive Officer Marcel Rohner during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Arnd Wiegmann (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer (L) talks to Chief Executive Officer Marcel Rohner during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Arnd Wiegmann (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer (L) talks to Chief Executive Officer Marcel Rohner during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Arnd Wiegmann (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer gestures during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Arnd Wiegmann (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer makes a speech during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Arnd Wiegmann (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer makes a speech during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Arnd Wiegmann (SWITZERLAND)

Chairman of the Board of Directors of Swiss bank UBS Peter Kurer makes a speech during an extraordinary shareholders meeting in Lucerne November 27, 2008. UBS, at the centre of a high-profile U.S. investigation into offshore services it offered to wealthy Americans, said on Thursday it had uncovered a "limited number" of tax fraud cases. REUTERS/Arnd Wiegmann (SWITZERLAND)

Swiss bank UBS Chairman of the Board of Directors Peter Kurer holds a speech during the extraordinary general meeting of the bank in Basel October 2, 2008. REUTERS/Pascal Lauener (SWITZERLAND)

Swiss bank UBS Chairman of the Board of Directors Peter Kurer holds a speech during the extraordinary general meeting of the bank in Basel October 2, 2008. REUTERS/Pascal Lauener (SWITZERLAND)

Swiss bank UBS Chairman of the Board of Directors Peter Kurer is seen on a giant TV screen as he gives a speech during the extraordinary general meeting of the bank in Basel October 2, 2008. REUTERS/Stefan Wermuth (SWITZERLAND)

Swiss bank UBS Chairman of the Board of Directors Peter Kurer wipes his nose during the extraordinary general meeting of the bank in Basel October 2, 2008. REUTERS/Pascal Lauener (SWITZERLAND)