UBS has ordered bankers to scale back sales of complex currency derivatives after clients suffered heavy losses linked to Donald Trump’s “liberation day” tariff announcements.
The Swiss bank told advisers to stop pitching the structured FX products — known as Range Target Profit Forwards (RTPFs) — to many clients, according to three people familiar with the discussions, amid growing concerns about sales practices and whether the products were suitable.
UBS has already made more than 100 “goodwill” payments to customers who lost money when the US dollar moved sharply in the wake of Trump’s April tariff announcements.
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