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.
Following Lehman Brothers’ filing for Chapter 11 bankruptcy on September 15, the bank's failure has hit its employees hard, with further redundancies announced earlier this week.
UBS has joined Citi and Merrill Lynch in agreeing to buy back auction rate securities (ARS) at par, in an offer that could affect up to $18.6 billion in securities over the next two years.
Regulators in the US are cracking down on banks in their stringent anti-money laundering campaign. Nick Kochan looks at the civil penalties being imposed on financial institutions and wonders whether they are entirely justified
Walter Seitz has been appointed head of wealth management at UBS Securities Japan to replace Junya Tani, who left to head Credit Suisse’s newly launched private banking operations in Tokyo.
UBS executives sold off $21 million in personal auction rate securities (ARS) holdings just days before the market ground to a halt, while continuing to market the securities to unwitting consumers, a New York State lawsuit has alleged.
UBS will report more writedowns in its second-quarter results, due on August 12, the Swiss bank warned today.
Daily news headlines
Four directors of UBS will step down in October as the bank attempts to overcome the stigma of its massive writedowns over the past 12 months.
As banks and other market players seek to close risk management loopholes exposed by tottering markets, some post-mortems are homing in on a broader issue: corporate culture.