UBS' chairman Peter Kurer will not stand for re-election at its next annual general meeting on April 15.
European investment funds are preparing to face tighter regulation in the wake of the Madoff scandal.
UBS named Oswald Grübel as its new group chief executive today after Marcel Rohner left the bank.
A proposal by a consortium of major derivatives dealers to acquire London-based clearing house LCH.Clearnet has led to suggestions that banks becoming intimately involved in the clearing process could present a conflict of interest.
The London Stock Exchange (LSE) today confirmed that it is "looking closely" at joining the consortium of financial institutions bidding for London-based clearing house LCH.Clearnet.
Fading investor confidence in the stability of financial institutions has caused the cost of credit protection on banks across the globe to increase over the past 24 hours.
The head of credit derivatives for UBS, Keith Grimaldi, has left the bank.
Nine major dealers agreed to use an EU central counterparty (CCP) for clearing trades in credit default swaps (CDSs) today, paving the way for talks to resume with the European Commission.
Todd Steinberg, New York-based head of equity and commodity derivatives for the Americas at BNP Paribas, has resigned from the bank.
A consortium of major US and European financial institutions is lining up a bid for London-based derivatives clearing house LCH.Clearnet. Deutsche Bank is acting as adviser on the acquisition, as well as being part of the bidding group.
Swiss banking giant UBS reported a fourth quarter net loss of Sfr8.1 billion ($7 billion), bringing its full-year net losses to Sfr19.7 billion. The bank also revealed $16.4 billion of illiquid credit assets had been transferred to the Swiss National...
The Swiss National Bank (SNB) will auction its own debt certificates in US dollars to finance its loan to the SNB Stabfund.
UBS is shutting down its exotic structured products business within its fixed income, commodities and currencies (FICC) division.
UBS today agreed to purchase the commodity index business of AIG Financial Products Corporation for $15 million plus an earnout, after confirming the sale of its base metals, oil and US power and gas businesses to Barclays Capital on Friday.
Losses and Lawsuits
Losses and Lawsuits
Barclays, UBS and Goldman Sachs have announced moves to halt bonus payouts for top executives in 2008, as huge subprime losses and writedowns have placed compensation policies under increased scrutiny.
The cost of credit protection on European banks increased in early trading today, while market sentiment towards US financial institutions remained favourable.
Joseph Scoby, who has led UBS' risk department during one of the most disastrous years in the bank's history, has stepped down, to be replaced by his deputy, Philip Lofts.
The Swiss government has stepped in to rescue UBS, the European bank worst hit by the subprime crisis.