UBS, the world's leading wealth manager, will no longer let US residents put money in Swiss bank accounts beyond the reach of US regulators, a senior bank executive has told a Senate subcommittee investigating tax haven abuses.

Yesterday's announcement by Mark Branson, chief financial officer of UBS's global wealth management and business banking unit, came as Senate investigators released a report alleging that UBS and Liechtenstein's LGT Group helped US clients evade taxes.