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UBS staff at a press conference to announce the bank's annual results. The carefully managed event, which is webcast live, is held in a UBS auditorium in one of the complex of buildings the bank occupies in the centre of Zurich. The Swiss banking industry holds an estimated 4,000 billion Swiss Francs (USD 4,240 billion) in assets, more than half of it foreign, including CHF 880 billion in undeclared European assets alone, benefiting from the country's famous banking secrecy laws.