The news follows allegations the executive pair faced over whether they knew employees of the bank had helped US clients evade taxes.

Prosecutors said they do not have any proof Switzerland’s largest bank knowingly took part in more hazardous practices than reasonable and careful businessmen would have. This would be necessary to bring charges of disloyal management.

Legal Week reports that a spokesperson for Jurer said the general counsel was always certain he had done nothing wrong. He said he was grateful the prosecutor had made a thorough investigation.

UBS, meanwhile, said it had consulted with external legal experts and had conducted a “thorough review”.

“The review concluded that there was no evidence of criminal conduct by former senior executives under Swiss law,” the bank said.