UBS's settlement with the U.S. Department of Justice is likely to be announced this week, with the Wall Street Journal reported Thursday, and it will face fines of billions of dollars. UBS shares hit a 16-year high, rising close to 3% on the Swiss market at 30.37 CHF.

In connection with UBS's acquisition of UBS in violation of a previous agreement reached with the Justice Department, the Senate Finance Committee said in 2023 it found serious violations of the 2014 Confession Agreement for Helping U.S. Taxpayers File False Income Tax Returns, leading investigators to allege that UBS hid more than $0.7 billion in accounts.

UBS said in its earnings last quarter that it had taken measures to deal with alleged breaches of the plea agreement, as well as other issues at UBS, including trading conduct and aiding terrorism in Iraq. With reserves totaling $3.84 billion, UBS said it could cost up to $1.8 billion to make up for future losses not covered by such preparations.