UBS' CEO says sees French tax probe lasting for years

UBS expects a French investigation into whether it helped wealthy customers there avoid tax will not be resolved for the foreseeable future, the Swiss bank's chief executive said on Tuesday.

"The matter will now be a matter of years and not months," UBS Chief Executive Sergio Ermotti said in an earnings call with analysts when asked about the French investigation.

French investigating magistrates have proposed that Zurich-based UBS pay a fine of 4.88 billion euros ($6.19 billion) in the investigation, according to a judicial source.