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John Cryan, Chief Financial Officer of UBS addresses a press conference to announce the annual results in an auditorium in the bank's complex of buildings 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.